2013 (4) TMI 603

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....Welcare Hospital and also at the residential premises of the taxpayer. According to the ld.representative, the revenue authorities seized document relating to sale of 10 cents of land at Pattikkara on 31-03-2005. According to the ld.representative, the taxpayer sold the property for Rs.1 lakhs to Shri RV Radhakrishnan. It appears, Shri RV Radhakrishnan availed a loan of Rs.10 lakhs from Kerala State Co-operative Bank by mortgaging that property. The loan availed by Shri RV Radhakrishnan was subsequently passed on to Welcare Hospital as loan. Welcare Hospital repaid the loan with interest. 3. The Administrative Commissioner, in exercise of her powers u/s 263 of the Income-tax Act found that there was an undisclosed consideration to the ex....

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....oan of Rs.10 lakhs clearly shows that the purchaser has under stated the sale consideration in the sale deed. Therefore, the Administrative Commissioner has rightly exercised her revisional jurisdiction u/s 263 of the Act. On a query from the bench as to whether if the addition has to be made for the year under consideration, then, could the same addition be made for the assessment year 2008-09, the ld.DR submitted that if the addition is confirmed for the assessment year under consideration, then there cannot be any addition for the assessment year 2008-09, therefore, it has to be deleted from the assessment for assessment year 2008-09. 5. We have considered the rival submissions on either side and also perused the material available on....

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....hat cannot be a conclusive evidence to show that the taxpayer has received more consideration. Normally, the sale consideration disclosed in the registered sale deed would be prima facie evidence for sale of the property. If the revenue authorities have any other material to show that the sale consideration was more than what was disclosed in the sale deed, then the assessing officer is very well within his powers to make addition on the basis of the material on record. In this case, the assessing officer made addition only on the basis of the mortgage loan obtained by the purchaser Shri RV Radhakrishnan from Kerala State Co-operative Bank, Pattikkara. The assessing officer has not examined whether the sale consideration was more than what ....