The Commissioner Of Income Tax v. M/S. Reis Magos Estates Pvt. Ltd

IN THE HIGH COURT OF BOMBAY AT GOA TAX APPEAL NO. 23 OF 2013 THE COMMISSIONER OF INCOME TAX Versus M/S. REIS MAGOS ESTATES PVT. LTD. ... Appellant ... Respondent Ms. Asha A. Desai, Advocate for the appellant. -Coram:DR. D. Y. CHANDRACHUD &F. M. REIS, JJ.-Date:18th October, 2013 P.C.:- The appeal arises from a decision of the Income TaxAppellate Tribunal, Panaji Bench, dated 12 April 2013 forAssessment Year 2007-08. 2. The Revenue has raised four questions of law, which are asfollows: follows: (i) Whether the Tribunal was correct in facts and in law in deleting the addition of Rs.3,80,00,000/- made by the Assessing Officer towards the additional sale consideration received in respect of property at Taleigao ? (ii) Whether the Tribunal was correct in facts and in law in deleting the addition of Rs.3,65,07,000/- made by the Assessing Officer towards the undisclosed income in respect of sale of land to M/s. Bhamini Real Estate Developers Pvt. Ltd. ? (iii) Whether on the facts and circumstances of the case the order of the Tribunal is not perverse in deleting the additions without appreciating the evidences found during the search and facts enumerated in the Assessment Order ? (iv) Whether the Tribunal was correct in facts and in law in deleting the additions made by the Assessing Officer based on seized material and without appreciating the provisions of section 292C of the Act which states that any books of account and other documents found in the possession or control of any person during the course of search under Section 132, it is presumed that the contents of such documents are true ? 3. On perusing the record, it is evident that both, in respect ofthe addition of Rs.3,80,00,000/- which was made by the AssessingOfficer on the ground that it was an additional sale considerationreceived in respect of the property at Taleigao and, in respect of theaddition of Rs.3,65,07,000/- in regard to sale of land to M/s. BhaminiReal Estate Developers Pvt. Ltd., there is a pure finding of fact of theCommissioner of Income Tax (Appeals), which has been confirmedby the Tribunal. 4. As regards the first of two additions, the Tribunal noted thatthe Assessee has furnished documentary evidence and details of thetransactions. Apart from an e-mail which was seized during thecourse of search action, it was found that there was no supportingevidence available to come to the conclusion that an amount ofRs.3,80,00,000/- represented additional undisclosed income. Evenas regards addition of Rs.3,65,07,000/-, the CIT(A) had, after dueconsideration of the material, deleted the addition on the ground thatthe Assessing Officer had acted without any material justifying theaddition. These are pure findings of facts of the CIT(A) and of theTribunal, which are borne out from the material which was availableon record. 5. Hence the appeal will not give rise to any substantialquestion of law. 6. The appeal is, accordingly, dismissed. DR. D. Y. CHANDRACHUD, J. ssm. F. M. REIS, J.