Law:

Section:

Section 69 of the Income-tax Act, 1961 - Unexplained investments - Where documents on record revealed that assessee had originally purchased property in question at a higher sum than what was revealed in sale deed, difference between agreed price and price shown in sale deed was rightly brought to tax as unexplained investment [In favour of revenue] A search and seizure operation was carried out at the premises of assessee wherein certain documents were seized. Seized documents revealed that assessee had purchased property in question for Rs. 31 lakhs. An amount of Rs. 1 lakh was shown to have been received by the vendor in cash and Rs. 15 lakhs was paid on 25-10-2004 and balance Rs. 15 lakhs was to be paid on or before 30-10-2004 at the time of handing over the possession. However, the sale deed was registered in the name of assessee on 27-10-2004 for Rs. 8 lakhs since the assessee had not furnished any plausible explanation for the difference between agreed price of Rs. 31 lakhs and actual price as per sale deed of Rs. 8 lakhs, the Assessing Officer treated difference of Rs. 22,54,400 as unexplained investment under section 69. The appellate authorities upheld the order of the Assessing Officer. Held that no question of law could be pointed out by the assessee for High Court's consideration. These were all questions of facts on which the findings had been recorded by the authorities below. There was no perversity or infirmity in the impugned order. Dr. Rakesh Gupta for the Appellant. Kamal Sawhney for the Respondent. JUDGMENT M.L. Mehta, J. - A search and seizure operation was carried out on 22nd Sept., 2005 under s. 132 of the IT Act, 1961 at the premises of Shri Pravin Juneja at E-47, Greater Kailash-II, New Delhi and during the course of said search documents relating to sale and purchase of property were found. In those documents transaction had been carried out in the name of his wife Smt. Bela Juneja, appellant. 2. Notice under s. 153A/153C of the IT Act was issued calling upon the appellant/assessee to furnish return. In response thereto, she furnished return of her income declaring her total income of Rs. 2,83,546. The documents which were seized…

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