DY. C.I.T.2(1), RAIPUR (CG) vs. SHRI TARAL MODI, RAIPUR (CG)

ITA 314/BIL/2014Status: DisposedITAT Raipur12 October 2018AY 2006-0718 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the seized documents, specifically an Excel sheet, indicated 'cost' and not 'sale value' for the amount in question. The agreement did not specify the amount as sale proceeds of the land.

What were the facts?

A search action uncovered documents suggesting a land transaction involving the assessee and M/s. Aarti Infrastructure & Buildcon Ltd. The Assessing Officer made an addition based on an agreement indicating the assessee was entitled to compensation from asset redistribution.

What were the issues?

Whether the amount mentioned in a seized agreement and Excel sheet represented sale proceeds of land or an investment/loan, and if the addition made by the AO was justified.

Which sections of the Income-tax Act were involved?

Section 132,Section 153C,Section 142(1)

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Cases cited in this judgment(6)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI R. K. PANDA & MS. SUCHITRA KAMBLE

For Appellant: Shri R. B. Doshi, CA
For Respondent: Shri R. K. Singh, CIT-DR, Shri R. B. Doshi, CA

PER R. K. PANDA, AM : ITA Nos.185 & 186/RPR/2014 filed by the Revenue are directed against

the separate orders dated 23.05.2014 of the ld. CIT(A), Raipur (CG) relating to assessment year 2006-07 respectively. ITA No.314/RPR/2014 filed by the Revenue is directed against the order dated 27.08.2014 of the ld. CIT(A),

Raipur (CG) relating to assessment year 2006-07. Since common grounds of appeal have been ta

The order continues below.

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