Law:

Section:

Section 143 of the Income-tax Act, 1961 - Assessment - Additions to income - Assessment year 1994-95 - Assessee was engaged in real estate business - Under an agreement with 'S Ltd.' assessee sold land in question as housing plots at a rate of Rs. 1250 per cent - Assessing Officer having found that said land was sold at a rate of Rs. 4,000 per cent, made an addition on account of unaccounted income on sale of land - Whether since fixation of land value by Assessing Officer was based on relevant materials, there was no reason to interfere with order passed by Assessing Officer - Held, yes Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Powers of - Assessment year 1994-95 - As assessee did not appear before Tribunal when appeal was taken up for hearing, Tribunal suo motu posted appeals for hearing and disposal on next date - On said date, assessee filed an application for adjournment which was declined and appeals were disposed of by Tribunal - Tribunal also rejected petitions to set aside order passed and to give an opportunity of hearing to assessee - Whether no error was committed by Tribunal in disposing of appeals - Held, yes FACTS The assessee-firm was engaged in real estate business. Under an agreement entered into between the assessee and 'S Ltd.', the assessee sold the land in question as housing plots at the rate of Rs. 1,750 per cent. The Assessing Officer found that the land was sold at the higher rate of Rs. 4,000 and categorized the purchasers into three, the first category included persons unrelated to the partners of the firm, second category was of the partners themselves and the third category was of the persons who were benami of the partners. Accordingly, the Assessing Officer completed the assessment making an addition on account of unaccounted income on sale of land. On appeal, the Commissioner (Appeals) partly allowed the same and directed the Assessing Officer to modify the assessment order. On cross-appeal, the Tribunal allowed the appeal filed by the revenue. Assessee's application to recall the order passed by the Tribunal in absence of assessee and to post the appeal for hearing afresh giving opportunity to it was also…

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