COMMISSIONER OF INCOME TAX Vs. VINEETA GUPTA

JUDGEMENT

(1.) This writ petition has been filed by the Commissioner of Income Tax impugning the order dated 21.05.2012 passed by the Income Tax Settlement Commission under Section 245D(4) of the Income Tax Act, 1961. The respondent No.1 had approached the Settlement Commission by way of a settlement application in respect of Assessment Years 2003-04 to 2009-10.

(2.) The only point raised by Mr Sahni appearing on behalf of the Revenue/petitioner was that the respondent No.1 had not made a full and true disclosure and, therefore, the order dated 21.05.2012 was liable to be quashed and or set aside. It was contended by Mr Sahni that there was one transaction concerning the property at Motia Khan, Karol Bagh, in respect of which the respondent No.1 had declared only a sum of Rs 7.6 crores (along with her husband Sh. Gopal Gupta) as the undisclosed investment whereas the persons who were the sellers in the said transaction had declared an undisclosed income of Rs 16 crores. Mr Sahni further pointed out that insofar as the sellers (Smt. Lata Jain and Sh. Roshan Agarwal) are concerned the Settlement Commission had passed an order on 31.12.2010 accepting the figure of Rs 16 crores.

(3.) In a company known as D.J. Infrastructure Developers (P) Ltd., Smt. Lata Jain and Sh. Roshan Agarwal were shareholders at different points of time. The said D.J. Infrastructure Developers (P) Ltd. was allotted hotel land of 3992 Sq.Mt. at Plot No.1, Motia Khan, Deshbandhu Gupta Raod, New Delhi in an auction by the Delhi Development Authority in March, 2006 for a consideration of Rs 88.13 crores. Subsequently, the respondent No.1's husband Sh. Gopal Gupta was inducted as a director in the company and thereafter shares were allotted to Gopal Infrastructures (P) Ltd. in the said D.J. Infrastructure Developers (P) Ltd. Gopal Infrastructure (P) Ltd. was a group company of the Gopal Gupta Group. At that point of time the total cost of land in the books of D.J. Infrastructure Developers (P) Ltd. was shown to be Rs 90 crores.