CIT Vs. UMIYA INVESTMENTS

JUDGEMENT

(1.) REVENUE has preferred this Tax Appeal under section 260A of the Income -tax Act, 1961 (Hereinafter referred to as 'Income Tax Act') against the order dt. 26 -3 -2012 passed by the Income Tax Appellate Tribunal, raising following substantial questions of law for our consideration: - -

(2.) THE first question concerns deletion of addition of Rs. 1,42,00,000. As can be noted from the record that a search was carried out in the premises of Shyam Group and the documents were ceased by the Assessing Officer. The document in the form of agreement to sale for the purchase of land bearing survey No. 791 at Rs. 801 per sq.yd. was found. A notice dt. 29 -7 -203 was issued under section 141(1) of the Income Tax Act, directing the assessee -respondent to produce relevant documents. After duly considering the record produced by the Chartered Accountant of the assessee -respondent, the Assessing Officer added Rs. 1,42,00,000 towards unexplained investment.