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Principal Commissioner of Income Tax 2 v/s Millennium Park Holdings Pvt Ltd.


Company & Directors' Information:- A V S R HOLDINGS PRIVATE LIMITED [Active] CIN = U67120TG2005PTC045117

Company & Directors' Information:- G J HOLDINGS PRIVATE LIMITED [Active] CIN = U51100DL2004PTC126687

Company & Directors' Information:- PRINCIPAL HOLDINGS (INDIA) PRIVATE LIMITED [Active] CIN = U65990MH2006PTC161572

Company & Directors' Information:- M C HOLDINGS PRIVATE LIMITED [Active] CIN = U67190DL2009PTC190957

Company & Directors' Information:- MILLENNIUM HOLDINGS PVT. LTD. [Active] CIN = U70109WB1993PTC058705

Company & Directors' Information:- J S K HOLDINGS PVT LTD [Active] CIN = U67120WB1994PTC065660

Company & Directors' Information:- P R HOLDINGS LIMITED [Active] CIN = L27310DL1983PLC314402

Company & Directors' Information:- G R A HOLDINGS PVT LTD [Active] CIN = U70101WB1992PTC055865

Company & Directors' Information:- B S S HOLDINGS PVT LTD [Active] CIN = U67120WB1992PTC056874

Company & Directors' Information:- S M H HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TG2006PTC049309

Company & Directors' Information:- K E HOLDINGS PRIVATE LIMITED [Active] CIN = U70101TN2013PTC089953

Company & Directors' Information:- A TO Z HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1987PTC028294

Company & Directors' Information:- V R HOLDINGS PRIVATE LIMITED [Active] CIN = U70102KA2009PTC051724

Company & Directors' Information:- J B HOLDINGS LIMITED [Strike Off] CIN = U91110ML1995PLC004396

Company & Directors' Information:- P G T HOLDINGS LIMITED [Strike Off] CIN = U74899DL1994PLC057886

Company & Directors' Information:- S M HOLDINGS PRIVATE LIMITED [Active] CIN = U65990MH2011PTC225004

Company & Directors' Information:- V N C A HOLDINGS PRIVATE LIMITED [Active] CIN = U74999TN2011PTC081684

Company & Directors' Information:- S C HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74899DL1986PTC025017

Company & Directors' Information:- K C A HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC066204

Company & Directors' Information:- H P HOLDINGS LIMITED [Strike Off] CIN = U67120HP1997PLC019474

Company & Directors' Information:- J T HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1979PTC021585

Company & Directors' Information:- K D R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013034

Company & Directors' Information:- R A HOLDINGS LIMITED [Strike Off] CIN = U17119GJ1986PLC037333

Company & Directors' Information:- W. M. F. HOLDINGS PRIVATE LIMITED [Active] CIN = U70101CT2011PTC022482

Company & Directors' Information:- A V HOLDINGS PVT LTD [Active] CIN = U51109WB1992PTC054035

Company & Directors' Information:- B P A HOLDINGS PVT LTD [Strike Off] CIN = U74990DL1982PTC013326

Company & Directors' Information:- M D HOLDINGS PRIVATE LIMITED [Active] CIN = U67120DL2001PTC111221

Company & Directors' Information:- M B HOLDINGS LTD. [Not available for efiling] CIN = U70109WB1986PLC041226

Company & Directors' Information:- I T MILLENNIUM INDIA LIMITED [Strike Off] CIN = U30000MH2000PLC124427

Company & Directors' Information:- A S H HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL2004PTC125403

Company & Directors' Information:- I K HOLDINGS LTD [Strike Off] CIN = U70101WB1951PLC019703

Company & Directors' Information:- K G HOLDINGS PVT LTD [Active] CIN = U65929WB1987PTC042868

Company & Directors' Information:- B & T HOLDINGS PRIVATE LIMITED [Active] CIN = U74920DL2007PTC171796

Company & Directors' Information:- D G HOLDINGS PRIVATE LIMITED [Active] CIN = U65110DL1998PTC094466

Company & Directors' Information:- M K HOLDINGS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U65993TN1996PTC036985

Company & Directors' Information:- G J HOLDINGS PVT LTD [Not available for efiling] CIN = U65993PB1985PTC006327

Company & Directors' Information:- K V R HOLDINGS PRIVATE LIMITED [Active] CIN = U65191KA2012PTC063353

Company & Directors' Information:- B J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1982PTC028820

Company & Directors' Information:- K T R HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1993PTC059078

Company & Directors' Information:- E TO E HOLDINGS INDIA PRIVATE LIMITED [Active] CIN = U65999KA2008PTC047780

Company & Directors' Information:- PARK HOLDINGS PRIVATE LIMITED [Dissolved] CIN = U74899DL1995PTC069063

Company & Directors' Information:- G L HOLDINGS PRIVATE LIMITED [Dormant under section 455] CIN = U74996KA2008PTC044867

Company & Directors' Information:- V K HOLDINGS PRIVATE LTD [Strike Off] CIN = U27924DL1987PTC027924

Company & Directors' Information:- Q AND A HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH2000PTC127319

Company & Directors' Information:- MILLENNIUM CORPORATION PRIVATE LIMITED [Strike Off] CIN = U45200PN2012PTC142016

Company & Directors' Information:- M J P HOLDINGS PRIVATE LIMITED [Active] CIN = U74900TG2015PTC098835

Company & Directors' Information:- M R S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120DL2001PTC113197

Company & Directors' Information:- B R HOLDINGS PRIVATE LIMITED [Amalgamated] CIN = U74899HR1994PTC064054

Company & Directors' Information:- A T HOLDINGS PRIVATE LIMITED [Under Process of Striking Off] CIN = U74899DL1994PTC057216

Company & Directors' Information:- S J P HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U99999GJ1981PTC004682

    Tax Appeal No. 34 of 2018

    Decided On, 12 February 2018

    At, High Court of Gujarat At Ahmedabad

    By, THE HONOURABLE MR. JUSTICE AKIL KURESHI & THE HONOURABLE MR. JUSTICE B.N. KARIA

    For the Appearing Parties: Mauna M Bhatt, Advocate.



Judgment Text

1. The Revenue Is In Appeal Against The Judgment Of the Income Tax Appellate Tribunal dated 30.03.2017 raising following questions for our consideration:

"[A] Whether the Appellate Tribunal has erred in law and on facts in upholding the order of CIT(A) deleting the additions on account of unaccounted payment of Rs.56, 62, 497/- in A.Y. 2005-06 for purchase of land ?

[B] Whether the order of the Appellate Tribunal is perverse as it has failed to properly appreciate the contents of the documents seized during the course of the Search and seizure ?

[C] Whether the Appellate Tribunal has erred in law by not properly appreciating the import of the provisions of section 292C of the Act which raises the presumption regarding the correctness of entries in any documents seized and such presumption is not limited to entries in books of account as provided in section 34 of the Evidence Act?

[D] Whether the Appellate Tribunal has erred in law and on facts by not appreciating that the Income Tax assessments proceedings are based on the principle of preponderance of probability and not on the basis of proof beyond doubt?

[E] Whether the Appellate Tribunal has erred in law and on facts by not relying on the primary documents (which were seized during the course of Search and seizure) and wrongfully insisting on further corroborative evidence?"

2. Issue pertains to the additions made by the Assessing Officer on the basis of material found during the search. The Assessing Officer was of the opinion that the land purchased by the assessee was at a cost of Rs.70, 000/- per vigha. The assessee having purchased 40.58 vighas of land, the total cost price would be 28.40 lakhs. As against this, the assessee has disclosed price of Rs.3.88 lakhs. The difference of Rs.24.52 lakhs was therefore undisclosed.

3. The Commissioner of Income Tax (Appeals) however noted that the assessee had during the year under consideration, purchased only 7.4 vighas of land. The undisclosed amount, even going by the Assessing Officer's price estimate of Rs.70, 000

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/- vigha, was covered under the total disclosure of Rs.5 lakhs made by the assessee in the return pursuant to search. Such being the position which the Tribunal confirmed, no question of law arises. 4. Tax Appeal is dismissed.
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