Itta/417/2013 Of Commissioner Of Income Tax-Ii v. Sri C.venkateswara Rao

IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH ATHYDERABAD THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE K.C. BHANU I.T.T.A. No. 417 of 2013 DATE: 17.09.2013 Between: Commissioner of Income Tax-II,Hyderabad. … Appellant And Sri C. Venkateswara RaoHyderabad. … Respondent This Court made the following: THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE K.C. BHANU I.T.T.A. No. 417 of 2013 JUDGMENT:(Per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is sought to be admitted on the following suggested questions of law: (A) Whether on the facts and circumstances of the case, the appellateTribunal is justified in accepting the assessee’s plea with regard tosource for making payment for purchase of land in spite of there being nomaterial on record to substantiate the same? (B)Whether on the facts and circumstances of the case, the appellateTribunal is justified in accepting the assessee’s plea with regard to itssource from Usha Enclave in spite there being no material on record tosubstantiate the same and at any rate nexus between the receipt andpayment? (C)Whether on the facts and circumstances of the case, the finding of theappellate Tribunal as regards the availability of huge amount of surplusfunds with the assessee from out of the receipts made for constructionproject can be said to be based on material on record? (D) Whether on the facts and circumstances of the case, the appellateTribunal is justified in ignoring the admission of undisclosed income in asum of Rs.1,18,68,000/- made in the statement given under Section132(4) of the Income Tax Act particularly in the absence of theassessee’s plea that such a statement was taken under threat ofcoercion or undue influence? We have heard the learned counsel for the appellant and gone through the impugned judgment and order of the learned Tribunal. The learned Tribunal has come to a fact finding while taking note of thefindings of the Commissioner of Income Tax (Appeals) that the assessee hasenough sources for making impugned on-money payment and he has provedthe sources by filing cash flow statement and other relevant details. Underthese circumstances, we do not find any element of law in this appeal. Accordingly, the appeal is dismissed. _____________________ Date: 17.09.2013ES K.J. SENGUPTA, CJ ________________K. C. BHANU, J