Assistant Commissioner Of Income ... vs M/S Akash Ganga Homes Pvt. Ltd
2021 Latest Caselaw 782 Patna

     IN THE HIGH COURT OF JUDICATURE AT PATNA
                 Miscellaneous Appeal No.168 of 2019
======================================================

Assistant Commissioner of Income Tax, Central Circle-1 Patna.

... ... Appellant/s Versus

M/s Akash Ganga Homes Pvt. Ltd. Patna 3rd floor, Ashiana Towers, Exhibition Road, Patna (PAN- AAECA8030F)

... ... Respondent/s ====================================================== Appearance :

For the Appellant/s : Mrs. Archana Sinha @ Archana Shahi, Advocate Mr. Alok Kumar, Advocate Mr. Sanjeev Kumar, Advocate For the Respondent/s :

====================================================== CORAM: HONOURABLE THE CHIEF JUSTICE and HONOURABLE MR. JUSTICE S. KUMAR ORAL JUDGMENT (Per: HONOURABLE THE CHIEF JUSTICE)

Date : 09-02-2021

Heard Smt. Archana Sinha, learned counsel for

the appellant.

The challenge, limited in nature, is based on

factual matrix, that too with regard to the value of land.

According to the Revenue, the property was valued at the rate of

13.62 lacs per Katha whereas the correct market value was Rs.

18 lacs per Katha. Resultantly, there is alleged concealment of

approximately Rs. 1.76 crores of income by the assessee.

Having carefully perused the record as also heard

the learned counsel for the Revenue, we see no reason to

interfere with the finding returned by the Tribunal, operative Patna High Court MA No.168 of 2019 dt.09-02-2021

portion whereof is reproduced as under:

"7. We have given our thoughtful consideration to the rival contentions. Case file suggests that the Assessing Officer had submitted a remand report dated 18.07.2016 during the course of lower appellate proceeding making it clear that there is no evidence available in the case file suggesting payment over and above sale price in the corresponding sale purchase agreement. We find force in the assessee's submissions that the Assessing Officer could not substantiate his case in the said remand report. He did not even make any adverse comment qua the corresponding evidence filed before him regarding the impugned transactions. We conclude in these facts and circumstances that the CIT(A) has rightly deleted the impugned unexplained investment addition."

This Court, in exercise of its power under

Section 260A of the Income Tax Act, can interfere only if a case

involves a substantial question of law which, in the instant case,

we find none to arise from the record. Valuation of the

property/sale deeds stood prepared and executed. In fact, the

assessing officer himself has submitted a report, pursuant to an

order of remand, finding nothing suspicious about the sale

transaction.

We find that pursuant to the assessment year

2009-10, proceedings were initiated on the basis of search and Patna High Court MA No.168 of 2019 dt.09-02-2021

seizure action carried out on 11.06.2008 and the assessee

himself took remedial measures of filing return as per books

maintained in the course of business.

As such, in our considered view, we find no

reason to interfere with the impugned order. Appeal stands

dismissed.

(Sanjay Karol, CJ)

( S. Kumar, J) sujit/-

AFR/NAFR
CAV DATE
Uploading Date          12.02.2021
Transmission Date