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ITAT upheld that the addition under Sec. 50C could not be sustained without proper inquiry and rescinded the AO's summary finding of unexplained investment under Sec. 69. The tribunal accepted the assessee's evidentiary showing - including a registered sale deed and a subsequent confirmation and ledger extracts from the purchaser - that the sale consideration represented adjustment of outstanding liabilities rather than cash payment, and held that the claim should not have been summarily rejected. The matter is remitted to the A.O. for reenquiry and verification, directing the A.O. to examine relevant persons of the purchaser and undertake any further verifications necessary to determine the true nature of the transaction.
ITAT upheld that the addition under Sec. 50C could not be sustained without proper inquiry and rescinded the AO's summary finding of unexplained investment under Sec. 69. The tribunal accepted the assessee's evidentiary showing - including a registered sale deed and a subsequent confirmation and ledger extracts from the purchaser - that the sale consideration represented adjustment of outstanding liabilities rather than cash payment, and held that the claim should not have been summarily rejected. The matter is remitted to the A.O. for reenquiry and verification, directing the A.O. to examine relevant persons of the purchaser and undertake any further verifications necessary to determine the true nature of the transaction.
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