- (1.) ALL the appeals have been filed by the Department against the consolidated order dated 22.10.2010 passed by the Income Tax Appellate Tribunal, New Delhi in ITA No. 1269/Del/2009 and 1268/Del/2009 for the assessment year 2005 -06.
(2.) BRIEF facts of the case are that the property no. 2, Underhill Road, Civil Lines, New Delhi was owned by four Jain brothers, namely Shri Ashok Kumar Jain, Shri Deepak Kumar Jain, Shri Pradeep Kumar Jain and Shri Vipin Kumar Jain. The adjacent portion of land belonged to one Smt. Veer Bala Agarwal, W/o Dr. D.C. Agarwal.
(3.) AS per the registered sale deed, M/s. Suprior Exims (P) Ltd. had purchased the property from the Jain Brothers for a consideration of Rs. 8 crores. Similarly, Shri Sanjeev Agarwal, who is the Director in the M/s. Suprior Exims (P) Ltd., in his individual capacity, also purchased the property from Smt. Veer Bala Agarwal for a consideration of Rs. 45 lacs. A search and seizure operations was conducted at the residential premises of Jain Brothers and Smt. Veer Bala Agarwal. Their bank lockers were also seized. From the bank lockers, huge cash amount was found and seized. Their statements were recorded. The Jain Brothers stated that the recovered amount of Rs. 8.5 crores was received "on -money" for the sale of the property in question, as the deal was for Rs. 16.5 crores. The Jain Brothers specifically stated that out of 16.5 crores, Rs. 8 crores were declared in the sale -deed and remaining amount of Rs. 8.5 crores was received in cash.;