PARKASH CHAND Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE appeal filed by the assessee is directed against the order of the Commissioner of Income -tax, Patiala dated 20.03.2014 against the order passed under section 263 of the Income -tax Act, 1961 (in short 'the Act'). The assessee has raised the following grounds of appeal:

(2.) THE learned Commissioner of Income -tax gravely erred in giving contradictory directions regarding investment in land.

(3.) ANOTHER plea raised by the assessee was that the bank loan was disbursed in instalments which proved that construction was in progress. The assessee further submitted the copy of approved map before the Commissioner of Income -tax which was claimed to have been produced during the assessment proceedings. The Commissioner of Income Tax on analysis of the document noted that the assessee had furnished copies of purchase and sale deed of the houses and had further furnished capital account which is credited with the cash received as sale consideration. Further withdrawals were made from the said account.