COMMISSIONER OF INCOME TAX Vs. HARPAL SINGH

JUDGEMENT

(1.) THIS order shall dispose of two appeals i.e. IT Appeal Nos. 474 and 475 of 2007 filed under Section 260A of the Income Tax Act, 1961 by the Department against the order dated 9 -3 -2007 passed by the Income Tax Appellate Tribunal, Chandigarh (hereinafter referred to as 'Tribunal') in ITA Nos. 363 and 364/Chd/2005 preferred against the respondent/assessee for the years 2001 -02 and 2002 -03, raising the following substantial questions of law for consideration of this Court:

(2.) IN the present case, the assessee purchased 17.5 and 21 acres of agricultural land on 14 -12 -2000 and 9 -4 -2001, on behalf of Avtar Singh and Smt. Satinder Kaur (NRIs), situated at village Kalalmajra from one Satinder Pal Singh for a consideration of Rs. 38,35,000 and Rs. 46,32,500, respectively, at the rate of Rs. 2,30,000 per acre. The payment of the sale consideration was made from NRI account No. 01190057727 belonging to aforesaid Avtar Singh and Smt. Satinder Kaur.

(3.) AGGRIEVED against the aforesaid order of assessment, the assessee filed two separate appeals before the Commissioner (Appeals), Patiala which were allowed by the appellate authority on 3 -2 -2005 while making the following observations: