2015 (2) TMI 635

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.... of 134 days in refiling the appeal is condoned. 4. By way of this order, we shall dispose of ITA-176-2013 and ITA-177-2013. For the sake of convenience, facts are being taken from ITA-176-2013. ITA-176-2013 (O&M) 5. The appellant challenges order dated 09.07.2012, passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (hereinafter referred to as the 'Tribunal'). 6. The appellant is the wife of late Joginder Lal, the assessee. The assessee purchased a plot measuring 61 square yards from Sh.Dig Vijay, in February, 1999, vide a registered sale deed for a consideration of Rs. 3,70,000/-, paid by cheque. A survey was conducted, under Section 133A of the Income Tax Act, 1961 (hereinafter referred to as ....

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....ion, apart from the aforesaid statements, renders the impugned order illegal and void. The sale consideration as reflected in the registered sale deed, has been discarded on mere presumptions that are not only erroneous but unreasonable. Counsel for the appellant further submits that as the statements by the vendors were not recorded during search proceedings, the presumption available under Section 132(4) read with Section 292(C) of the Act, cannot be raised without corroboration, by reference to some cogent and independent evidence. The onus to prove the value of the property lies upon the revenue. The revenue having failed to discharge its onus, the impugned finding as to the value of the property purchased by the appellant may be set as....

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....e revenue but in this case, the vendors have made a statement admitting a total sale consideration of Rs. 38 lacs. The assessing officer has recorded the statements of the vendors, afforded an opportunity to the assessee to cross examine the vendors and as the vendors maintained their earlier statements, the impugned orders and the findings cannot be faulted. The mere fact that the sale deed records a consideration of Rs. 3,70,000/-, is irrelevant as the assessee did not adduce any evidence to show the probable value of the property on the date in question. 10. We have heard counsel for the parties and perused the impugned order. 11. The question, that calls for an answer, relates to the value to be placed upon statements made by a ve....

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....s and the sale deeds produced by the assessee, the assessing officer held that as even sale deeds relied by the assessee show that consideration varies from sale deed to sale deed depending upon the size and location of the plot and the Punjab Urban Development Authority (PUDA) had auctioned a plot @ Rs. 10,000/- per square yards and the property in question is situated opposite the railway station and can be used for a hotel site, the sale consideration disclosed by the vendors is the true consideration. The assessing officer, therefore, proceeded to add Rs. 34,30,000/- as undisclosed income by way of unexplained investment in purchase of property. The CIT(A) as well as the Tribunal have affirmed these findings of fact. 14. The onus to ....