COMMISSIONER OF INCOME TAX Vs. M/S. ARPIT LAND PVT. LTD.
HIGH COURT OF BOMBAY
COMMISSIONER OF INCOME TAX
M/S. Arpit Land Pvt. Ltd.
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(1.) These two Appeals under Section 260A of the Income Tax Act, 1961 (the Act) challenges the common impugned order dated 22nd March, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The common impugned order disposed of 67 appeals pertaining to 52 different assessees, amongst them were the present two respondents before us. The Revenue has filed these two appeals being aggrieved by the impugned order of the Tribunal to the extent it relates to assessment year 2007-08 in Income Tax Appeal No.150 of 2014 in the case of M/s. Ambit Realty Pvt. Ltd. and it relates for assessment year 2008-09 in Income Tax Appeal No.83 of 2014 in the case of M/s. Arpit Land Pvt. Ltd.
(2.) Although multiple questions have been formulated in the appeal memo, Mr. Kotangale, learned counsel appearing on behalf of the Revenue urges only following question of law for our consideration :
"(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in ignoring crucial evidence and surrounding circumstances and proceeding to interpret Section 153C of the Act, narrowly and mechanically, and deleting the additions made under Section 69C of the Act both on merits and point of law ?"
(3.) The undisputed facts before us are that in search and seizure action under Section 132 of the Act was carried out in case of Jay Corporation group, its employees and close associates who were involved in the process of acquiring land. Mr. Dilip Dherai was managing and handling land acquisition on behalf of Jay Corporation group. During the course of search, certain documents were found in possession of Mr. Dilip Dherai on the basis of which the Assessing Officer after recording satisfaction under Section 153C of the Act proceeded to initiate proceedings in respect of both respondents - assessees before us.;
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