DEEPIKA JAIN Vs. INCOME TAX APPELLANT TRIBUNAL

JUDGEMENT

(1.) THESE two appeals filed by Deepika Jain and Vikas Exports relate to assessment year 1994 -95 and the following substantial question of law was admitted for hearing vide order dated 18.09.2002.

(2.) AS a very short and limited question arises for consideration, we are not referring to the factual matrix in detail but notice that the appellants assessees had jointly purchased along with Vibha Jain, property situated at XI/4834/24, Ansari Road, Daryaganj, New Delhi for consideration of Rs. 16 lcas. The individual shares of Vikas Exports, Deepika Jain and Vibha Jain were 50%, 25% and 25% respectively ( counsel for the parties are not able to state what had happened in the case of Vibha Jain but no appeal has been preferred in the case of Vibha Jain).

(3.) THE Assessing Officer, however, did not accept the challenge and made addition of Rs. 2,33,725/ - and Rs. 1,11,863/ - in the case of Vikas Exports and Deepika Jain respectively. The reasoning given by him reads as under: -