TaxTMI 
TaxTMI 
2013 (8) TMI 740
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....That the CIT(A) while giving this finding has ignored the documentary evidences in the shape of two agreements to sell as executed between the appellant and the purchaser of the land and subsequent power of attorney, given to the close confident of the purchaser of the land where the full consideration had been mentioned. 3 That the CIT(A) has also ignored the orders of the Revenue Authority i.e. Collector, who had held categorically that there has been evasion of stamp duty by the purchaser of land. 4 That the CIT(A) has also ignored the documentary evidences of Rs.3,50,000/- paid by way of account payee cheque to the party over and above the registered amount of Rs. 17,50,000/-. 5 That the CIT(A) has also ignored the documentary eviden....
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....00/- as total sale consideration. In this background the Assessing Officer was of the opinion that the assessee has no source for the deposit of Rs. 28,20,000/- in cash in the bank and same was added to the bank of the assessee. 4 On appeal similar submissions were made before the ld. CIT(A). Copies of agreements were again submitted and it was submitted that the assessee has received cash and cheques in the presence of one Shri Ved Parkash whose affidavit was also filed. The details furnished before the ld. CIT(A) are as under: Particulars Cash Cheque Agreement No. 3 dated 28.09.07 Rs. 1,00,000/- NIL Agreement No. 1 dated 28.09.07 Rs. 4,00,000/- 5,00,000/- Agreement No. 1 dated 21.12.07 Rs. 5,00,000/- NIL Agreement No. 2 dat....
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..... The combined reading of both these agreements show that land was agr eed to b e s old f or a t ot al consider ation of Rs. 55, 78,875/ -. Initially the agreement was entered on 28.9.2007 for a sum of Rs. 5 lakhs through a cheque and Rs. 4 lakh through cash was received. Later on further agreement was entered on 7.01.2008 with one more cheque for Rs. 5 lakhs was received and total cash amounting to Rs. 38,28,675/- was also received. Another agreement dated 28.9.2007 was also executed which shows only receipt of Rs. 1 lakh as advance. On receipt of whole consideration as suggested by the seller a Power of Attorney was executed in favour of one Shri Ravinder Kumar s/o Shri Ishwar Chand was executed who was nominee of the purchaser. This atto....
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....showing lower consideration and similar complaint was filed with the Collector, Naraingarh also f or recovering the stam p duty. The Collector has given a clear cut finding that sale duty has been executed less than the market value and accordingly the buyer was asked to pay extra stamp duty. 7 He also referred to the bank statement and submitted that major amount amounting to Rs. 23 lakhs was deposited on 8.01.2008 i.e. the next to the agreement to sell dated 7.01.2008. These facts clearly show that the cash was given to the assessee against sale of agricultural land and the same was deposited in the bank. 8 On the other hand, the ld. DR for the revenue strongly submitted that the order of the Collector regarding deposit of extra stamp d....
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....s shown to have been paid in cash. Finally an agreement dated 7.1.2008 (translated copy of which is available at pages 39 & 40 of the paper book) was executed which shows that land has been sold for the total consideration of Rs. 56,78,751/- out of which Rs. 5 lakh and Rs. 12,50,000/- was received vide cheque no. 004473 dated 29.9.2007 and cheque No. 004480 dated 7.1.2008. It is further stated that in this agreement a sum of Rs. 38,28,875/- was paid in cash. This agreement clearly shows that total consideration of Rs. 56,78,751/- out of which Rs. 38,28,875/- was paid in cash. However, the buyer very smartly got an Power of Attorney executed simultaneously along with this agreement (translated copy of which is available at page 44 to 47 of t....
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....e Tehsildar, Naraingarh. Copy of this complaint was marked to the Chief Ld. Commissioner of Income Tax also. On the basis of this complaint, action was taken by the Registering authority which becomes clear from the order of the Collector (translated copy of the same is available at page 48 to 51 and 52 to 58 of the paper book). The Collector has clearly held that upon Inspector of adjoining area that though registered sale deeds were executed on the collector rate but the same was less than the prevalent market rate. This clearly shows that the assessee was taken for a ride and the cash portion paid to the assessee by the buyer was not declared and whatever steps the assessee could have taken, have been taken by the assessee to report the ....