JUDGMENT

(Prayer: Writ Appeal filed under Clause 15 of Letters Patent against the order dated 25.05.2022 passed by the learned Judge in W.P.No.10699 of 2022.)

R. Mahadevan, J.

1. According to the appellant, they are engaged in the business of real estate. During the Financial Year 2007-08, they acquired a land situated at Siruseri admeasuring 65 cents for a sum of Rs.95,18,700/- through bank and during the Financial Year 2013-14 relevant to the assessment year 2014-15, the said property was sold to one Naveen Kochar by executing a general Power of Attorney dated 18.01.2003 for a total consideration of Rs.90,00,000/- which was received by cheques dated 31.08.2013 and 10.12.2013 for Rs.75,00,000/- and Rs.15,00,000/- respectively. The said Naveen Kochar thereafter, sold the said property to one M/s.Jacaranda Properties Pvt. Ltd. on 21.10.2013 for a total consideration of Rs.2,13,84,000/-, for which, the appellant neither had a part nor received a share. While so, a search was conducted under section 132 of the Income Tax Act, 1961, at the premises of the appellant on 03.09.2013. Subsequently, the assessee filed its return of income on 15.03.2016 admitting its total income at Rs.7,85,620/