9911796707
TMI Blog2008 (8) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... was made, for the period 1989-90 to 1998-99. The background facts are, that search and seizure operations were conducted on the premises of certain persons, which have been referred in the impugned order, as premises of 'Nabi Group', at Chittorgarh on 12.3.1998, during which certain documents were found and seized. Panchnama was prepared. Documents included an agreement of sale of the property, called Indore Coffee House at Chittorgarh, which was sold by three assessees Kanhaiyalal Gurnani, Mohanlal Gurnani and Smt. Leela Devi to Akhtar Hussain, Iqbal Hussain and Akram Hussain (Nabi Group). This agreement is said to be dated 28.2.1996, and purported to be an agreement to sale the property for a price of Rs. 18,71,001/-, while the property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich are said to have been seized, during the course of search. After receipt of the record, on 1.7.2008, the matter was further heard, and during course of hearing it occurred, that since it was a case of transaction of purchase and sale, and the amount involved, being very huge, being more than Rs. 15 lacks, and since the purchasers are also the regular assessees, on whose premises search and seizure operations were conducted, a query was put to the learned counsel for the Revenue, as to what had been the outcome of the block assessment proceedings, against the purchasers. The query was raised, obviously in view of the fact, that if the property was sold for Rs. 18,71,000/-, as alleged, in that event, the amount of Rs. 18,71,000/- must h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question vacated from the Insurance Company, to our mind, seems to be plausible. An incomplete agreement may have been drafted to mount pressure on the insurance company only. This fact finds support from the statement of Shir Akhtar Hussain that the purchase price of this property is only Rs.3,00,000/-. After perusing the loose-papers viz., pages Nos.5 to 8 of Annexure-33, Shri Akhatar Hussain made it clear that only after obtaining photocopy of these pages he could reply the exact nature of these papers. He also agreed to pay taxes if found due thereon. The affidavits of the sellers and the purchasers besides the other attending circumstances of this case cumulatively go to establish that the so called conclusive statement of Shri Akhtar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement is not a valid document in the eyes of the law, and therefore, it cannot be made basis, for any addition on this account, rather the registered sale deeds are self speaking version, which has not been disproved by any evidence on record. Admittedly no appeal has been filed against this judgment of the learned Tribunal dt. 22.12.2006, and it has acquired finality. This being the factual position, when the matter has become final by the judgment of the learned Tribunal, in the appeals of the purchasers, to the effect, that the property was purchased for a sale price of Rs. 3 lacks only, our undertaking any exercise in the present appeals, would be an attempt to come to the conclusion, that the sale price was not correct, and it wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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