The Commissioner Of Income Tax v. M/S. Reis Magos Estats Pvt. Ltd
High Court
18 Oct 2013 In favour of: Assessee
Forum / Bench
High Court · hcbgoa
Parties
The Commissioner Of Income Tax v. M/S. Reis Magos Estats Pvt. Ltd
Date of order
18 Oct 2013
Assessment year(s)
2008-09, 2007-08
Outcome
Dismissed
Case summary
In The Commissioner Of Income Tax v. M/S. Reis Magos Estats Pvt. Ltd, the High Court (2013) dismissed the appeal. The decision went in favour of the assessee.
Issue: The Revenue has raised the followingsquestions : (i) Whether the Tribunal was correct in facts and in law in deleting the addition of Rs.1,25,00,000/- made by the Assessing Officer towards the undisclosed income in respect of sale of land to M/s.
Decision: The appeal is, accordingly, dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
Sections referenced in this judgment
The order — as passed by the High Court
IN THE HIGH COURT OF BOMBAY AT GOA
TAX APPEAL NO. 22 OF 2013
THE COMMISSIONER OF INCOME TAX
Versus
M/S. REIS MAGOS ESTATS PVT. LTD.
... Appellant
... Respondent
Mrs. Asha A. Desai, Advocate for the appellant.
-Coram:DR. D. Y. CHANDRACHUD &F. M. REIS, JJ.-Date:18th October, 2013
P.C.:-
This appeal arises from a decision of the Income TaxAppellate Tribunal, Panaji Bench dated 12 April 2013 for Assessment Year 2008-09. The Revenue has raised the followingsquestions :
(i) Whether the Tribunal was correct in facts and
in law in deleting the addition of Rs.1,25,00,000/-
made by the Assessing Officer towards the
undisclosed income in respect of sale of land to
M/s. Bhamini Real Estate Developers Pvt. Ltd. ?
(ii) Whether on the facts and circumstances of the case
the order of the Tribunal is not perverse in deleting
the addition of Rs.1,25,00,000/- without appreciating
the evidences found during the search and facts
enumerated in the Assessment Order ?
(iii) 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 ?
2. The appeal by the Revenue for Assessment Year 2007-08has been dismissed by a separate order passed today. ForAssessment Year 2008-09 also the finding of the Commissioner ofIncome Tax (Appeals), has been affirmed by the Tribunal on theground that the addition was made by the Assessing Officer only onthe basis of surmises, without making any independent inquiry andwithout any corroborative evidence. Both these findings of theCIT(A) and the Tribunal are based on appreciation of evidence andwould not give rise to any substantial question of law.
3. The appeal is, accordingly, dismissed.
DR. D. Y. CHANDRACHUD, J.
ssm.
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