TaxTMI 
TaxTMI 
2015 (2) TMI 496
X X X X Extracts X X X X
X X X X Extracts X X X X
....-04 & 2004-05. Since common issues and facts are involved, these appeals were heard together and are being disposed of by way of this consolidated order for the sake of convenience. 2. First, we take up the Assessee's appeal in IT(ss)A No.240/Ahd/2010 for AY 2003-04. The Assessee has raised the following ground(s) of appeal:- 1. On the facts and circumstances of the case, the learned CIT(A) has grossly erred in upholding the addition of Rs. 26,47,280/- as made by the AO alleging unaccounted investment in land by the appellant, which is erroneous and needs to be deleted in the interest of natural justice and equity. 2. The appellant craves to add, amend, alter, substitute, modify and or all the above grounds of appeal, if necessary,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cuted at a lower price. He submitted that the ld.CIT(A) failed to appreciate that subsequent to the cancellation of the entire deal, the coowners re-offered the appellant, the entire land i.e. plot no.212 to 218, 227 & 228 on as and where is basis with defective title and without developing and leveling the said land, at a revised price on the condition that all future expenses in relation to title clearance and leveling / development would have to be borne by the appellant. The ld.counsel for the assessee submitted that the appellant got the title defect in the said land cleared by entering into a registered modification deed with the earlier owners so as to get the clear title in her name. The assessee purchased the property at Rs. 30,97,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ced any material on record suggesting that the original-deed was cancelled. He submitted that there is nothing on record suggesting that the sellers were required to make development and incurred expenditure in this account. Further, he submitted that there is nothing placed on record suggesting that in respect of the state of land given in the original sale agreement executed in the year 2001. 4. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. The objection of the authorities below was that the assessee did not place on record any cancellation deed, to explain the reasons for such cancellation, both the authorities presumed that the sale consideration wa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he result, the appeal of the assessee in IT(ss)A No.240/Ahd/2010 for AY 2003-04 is allowed for statistical purposes. 6. Now, we take the Revenue's appeal in IT(ss)A No.187/Ahd/2010 for AY 2003-04. The Revenue has raised the following grounds of appeal: i) The Ld.CIT(A) has erred in law and on facts in deleting the addition of Rs. 8,00,000/- made on account of unaccounted investment in land as per Annexure-A-1 seized from the residence of the assessee during the course of search. ii) The Ld.CIT(A) has erred in law and on facts in accepting the contention of the assessee that the balance payments was not made as the other two plots are not yet registered ignoring that sufficient period had lapsed since the execution of the satakhat a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e AO and submitted that the ld.CIT(A) was not justified in deleting the addition. 7.1. On the contrary, ld.counsel for the assessee supported the order of the ld.CIT(A) and submitted that the total agreed price of Rs. 16 lacs our of which 8 lacs has been paid an fully reflected in the books. It was one of the terms that the balance payment would be made after the land has been converted into the non-agricultural use. 8. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. The ld.counsel for the assessee.CIT(A) in para-3.2 of his order has given a finding on fact as under:- "3.2. I have considered the facts ad the submissions. I agree with the appellant's....
X X X X Extracts X X X X
X X X X Extracts X X X X
....erted by the Revenue by placing any contrary material on record, therefore, we do not find any infirmity in the order of the ld.CIT(A), same is hereby upheld. Thus, this ground of Revenue's appeal is rejected. 9. In the result, the appeal of the Revenue in IT(ss)A No.187/Ahd/2010 for AY 2003-04 is dismissed. 10. Lastly, we take up the Assessee's appeal in IT(ss)A No.241/Ahd/2010 for AY 2004-05. The Assessee has raised the following grounds of appeal:- 1. On facts and circumstances of the case, the learned CIT(A) has grossly erred in upholding the addition of Rs. 25,36,720/- as made by the AO alleging unaccounted investment in land by the appellant, which is erroneous and needs to be deleted in the interest of natural justice and eq....