Deep Aggarwal Estates (P.) Ltd. vs Commissioner of Income Tax

The assessee is aggrieved by an order dated 22-9-2006 passed by the income tax Appellate Tribunal, Delhi Bench ''C'' in IT(SS)A. No. 74/Delhi/2000 relevant for the block assessment period 1988-89 to 1998-99 and in ITA No. 4004/Delhi/2002 relevant for the assessment year 1998-99. The assessee is a broker engaged in buying and selling of property. A search and seizure operation was conducted in the premises of the assessee on 3-9-1997 and certain documents including registers were seized. We are concerned with three registers, which are marked as A-3, A-8 and A-10. These registers contain details of properties and in respect of some of them, there was a mark ''sold''. According to the assessee, the entries in the registers were in the nature of a data bank maintained by the assessee of the saleable properties. Those properties that were already sold were marked as such so that the assessee would not have to show them to its clients/customers.

All the three authorities including the Tribunal have disbelieved the assessee although learned counsel for the assessee says that this aspect has not been considered by the Tribunal. The authorities have come to the conclusion that the word ''sold'' pertains to transactions that were entered into by the assessee.

We see no reason to take a different view. The authorities have concurrently come to a factual conclusion on the basis of the evidence was available with them and we find no perversity in the view they have taken. No substantial question of law arises. Dismissed.