THE COMMISSIONER OF INCOME TAX vs. MANISH GOYAL

IN THE HIGH COURT OF DELHI AT NEW DELHI . 01.11.2010 . . . Present: Mr. Sanjeev Sabharwal and Mr. Utpal Saha, Advocates for the Appellant. . . + ITA No.1662/2010 . Two questions raised before in the ITAT were answered in the following manner:- (1) ?In a nutshell, his findings were that investment in land at Village Pargana was made by late Shri Suresh Chand Goyal on or about 5.10.1996. On his death, the land was mutated by Tehsildar, Ghaziabad in the names of the assessee and his brother on 13.10.1997. The land at Village Parla was also purchased by late Shri Suresh Chand Goyal on 22.07.1996. This land was transferred in the names of the legal heirs of the deceased on 30.11.1997. The purchase of land by Shri Goyal in financial year 1996-97 and mutations thereof were accepted by the AO in the remand report. This was also evidenced by the balance-sheet of late Shri Suresh Chand Goyal drawn as on 31.03.1997 and filed with the return of income for assessment year 1997-98 on 21.10.1997, much before search and seizure operations conducted in the case of the assessee on 22.09.2005. Therefore, it was concluded that additions of ` 4.11 lakh and ` 7.05 lakh in respect of these lands in the hands of the assessee in assessment year 2001-01 could not be upheld. (2) In a nutshell, his finding was that the late Shri. Suresh Chand Goyal had made a disclosure under VDIS 1997. This disclosure was accompanied by balance-sheet as on 31.3.1995 showed cash-in-hand at ` 4,98,134/-, His balance sheet as on 31.3.1996, filed with the return of income for assessment year 1996- 97 showed cash in hand at ` 6,38,147/-. All these returns were filed much before the search and seizure operations were carried out in the case of the assessee. The assessee also filed cash flow statement from 31.3.1997 to 31.3.2000/ No adverse comment was made by the AO in respect of this statement. The cash available as per this statement was divided between the legal heirs and an amount of ` 9,89,134/- came to the share of the assessee. In these circumstances, he did not approve the finding of the AO that the declaration amongst the legal heirs regarding division of the estate of late Shri Suresh . ITA No.1662/2010 Page 1 of 2 . Chand Goyal was wrong. Therefore, he accepted the availability of cash to the extent of `9,89,134/-. Cash found amount to ` 10,41,470/-. There, he upheld the addition of Rs. 52,336/- only. No defect could be pointed out by the ld. Dr in this matter also. The ld. CIT(Appeals) has examined the position of cash from the balance-sheets of Shri Suresh Chand Goyal and cash flow statement from 31.3.1997 to 31.3.2000, which were not disputed by the aO. In these circumstances, we do not find any error in the order of the ld. CIT(Appeals)m which requires correction from us. Thus, this ground is also dismissed. . The discussion clearly reveals that entire matter is factual and we are of the opinion that facts are correctly appreciated by the Tribunal. No question of law arises, hence appeal is dismissed. . . A.K. SIKRI, J. . SURESH KAIT, J. NOVEMBER 01, 2010 . . mr . . . . . . . . . . . ITA No.1662/2010 Page 2 of 2 . .