IN THE ITAT AHMEDABAD BENCH ‘D’
Deputy Commissioner of Income-tax, Circle-9
versus
Virjibhai Kalyanbhai Kukadia
IT APPEAL NO. 372 (AHD.) OF 2010
[ASSESSMENT YEAR 2006-07]
AUGUST 31, 2012
ORDER
Anil Chaturvedi, Accountant Member
This appeal is filed by the Revenue against the order of CIT (A)-V, Surat dated 12-10-2009 for the assessment year 2006-07.
2. The Revenue has raised following grounds:
“1. The Ld. CIT (A)-V, Surat has erred in facts and in law in deleting the addition made by the A.O. at Rs. 2,56,26,205/- u/s. 69B despite the fact that all evidences collected by the A.O. proved unaccounted investment by the assessee.”
2. The Ld. CIT (A) has erred in facts and in law in deleting the addition made by the A.O. Rs. 2,56,25,205/- u/s. 69B despite the fact that comparable sale instances by a state body like SUDDA (Surat Urban Development Authority) also showed rates higher than that paid by the assessee.”
3. Since ground No.1 and 2 are interconnected the same are disoposed of together for the sake of convenience.
4. Assessee is an individual engaged in the business of diamond manufacturing and its import and export. The assessee filed his return of income on 26-2-2007 declaring total income of Rs.77,63,910/-.The case was selected for scrutiny. During the course of assessment from the particulars furnished by the assessee the A.O. noticed that assessee had acquired following properties:
