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1 - 10 of 18 (1.06 seconds)Section 292C in The Income Tax Act, 1961 [Entire Act]
Section 69C in The Income Tax Act, 1961 [Entire Act]
Section 69A in The Income Tax Act, 1961 [Entire Act]
Section 132 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax,Salem vs P.V.Kalyanasundaram on 14 September, 2007
10.7 The same view was also taken in the case of CIT v. P.V.
Kalyanasundaram [2007] 164 Taxman 78/294 ITR 49 (SC) [decision of the Madras
High Court in CIT v. P.V. Kalyanasundaram [2006] 155 Taxman 454/282 ITR
259 affirmed]: Assessee purchased certain land at a consideration as shown in
sale deed executed. During a search operation, certain notes on loose sheets
allegedly written by assessee were found and seized. When confronted, assessee
contended that he could not remember as to why said nothings had been made
but vendor admitted in his statements that he received substantial cash amount
over and above sale deed amount. Though said statements were subsequently
retracted by vendor, the A.O. adopted said enhanced figure admitted by vendor as
actual sale consideration for purpose of assessment and made addition of
difference as assessee's undisclosed income. The CIT (Appeals) deleted addition
on ground that vendor's contradictory statements could not be relied upon. The
Tribunal affirmed the decision of the CIT (Appeals) and the High Court dismissed
revenue's appeal in limine on premise that no substantial questions of law were
raised by revenue.