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TMI Blog2022 (7) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... r in firms doing export business as well as in real estate and also Director in Textile Mills and Plantation companies. There was a survey conducted under section 133A of the Income Tax Act, 1961 ["Act" in short] in the business premises of the assessee at No.7/8, Palghat Main Road, Kuniamuthur, Coimbatore 641 008 on 31.07.2008. Based on the information at the time of survey, the Assessing Officer initiated proceedings under section 147 of the Act and issued notice under section 148 of the Act dated 25.08.2011. The assessee had originally filed the return of income for this assessment year on 21.11.2008 admitting income of Rs..85,84,920/-. In response to the notice under section 148 of the Act, the assessee filed another return of income on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under: "5.6 If this theory is accepted how this appellant pays less than others to the seller. Even then the consideration ought to have been paid by this appellant should not be less than the amount his friends paid to the seller per acre. Hence, I direct the AO to adopt Rs.5.4 lacs per acre which will meet the end of justice. Accordingly, the grounds raised in this regard are partly allowed." 3. On being aggrieved, the assessee is in appeal before the Tribunal and raised the following grounds: 1) The Order of the learned CIT(A), is unsustainable both in law and on facts of the case. 2) The learned CIT(A) has erred in not deleting the entire addition of Rs.89,39,610/- made by the learned AO u/s 69B and granting a relief of only Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e adduced and it is prayed that the addition of Rs.60,91,110/-, resulting out of the order the learned CIT(A), to the Returned Income be deleted." 4. Against the above grounds raised by the assessee, the Tribunal has taken up the jurisdiction issue raised in ground No. 6 for adjudication and vide order dated 04.05.2016 in I.T.A. No. 2273/Mds/2015 and remitted the matter back to the file of the ld. CIT(A) for adjudication as the ld. CIT(A) has not given any findings/order in respect of the above ground. 5. The said order of the Tribunal dated 04.05.2016 has been recalled as per the Miscellaneous Petition of the assessee and vide order dated 10.05.2019 in M.P. No. 61/Chny/2019 only for the purpose of adjudicating ground Nos. 1 to 5 as raise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, without any provision. Upon the impounded materials from the residence of the assessee, the Assessing Officer completed the assessment under section 143(3) r.w.s. 147 of the Act dated 30.03.3013 by adopting the cost of purchase of land at Rs..1,15,29,000/- and computed the investment not fully disclosed in the books of accounts at Rs..89,39,610/- and brought to tax under section 69B of the Act by taking into account the loose sheets impounded from the residence of the assessee. On appeal, by considering the cost of the land purchased by four of assessee's friends for a sale consideration of Rs..5.40 lakhs per acre, the ld. CIT(A) was of the opinion that the cost paid by the assessee should not be less than other friends paid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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