CHANDAN SUKHANI Vs. CIT

JUDGEMENT

(1.) THIS appeal under section 260A of the Income Tax Act, 1961 arises from the order of the Income Tax Appellate Tribunal, Jaipur Banch, dated 20 -5 -2005 in ITA No. 550/JP/2000 rejecting in part the appeal of the appellant.

(2.) DURING verification of income of the appellant under section 143(3) of the Income Tax Act it was found that he had purchased a house at Jawahar Nagar - A posh locality in the city of Jaipur for under two sale -deeds Rs. 8,50,000 on 7 -7 -1995. Being prima facie of the view that the price shown in the sale -deeds was too low. The assessing officer referred the matter to the Valuation Cell. The Departmental Valuation Officer (DVO) submitted report on 20 -1 -1999 valuing the property at Rs. 11,48,400. The assessing officer held that the amount shown as consideration money in the sale -deeds was under -statement and did not reflect the true price of the land, treating the excess amount of Rs. 3,48,400 as unexplained investment, he added the amount to the appellant's income. The CIT upheld the order. The Tribunal reduced the addition to Rs. 2 lakhs granting ad hoc relief of Rs. 1,48,400. Not satisfied, the appellant has come in appeal to this Court.

(3.) AS proposition of law submission of the counsel is well founded but in the facts and circumstances of the case we do not think the order requires any modification. Indeed, on facts found, no question of law arises for decision by this Court.