TaxTMI 
TaxTMI 
2018 (5) TMI 1271
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....made under section 69 of the Act in respect of alleged unexplained investment in the property in question on account of difference in purchase consideration as per the banakhat and the final Conveyance Deed found during the course of search despite the fact that no iota of evidence as to payment of any unaccounted purchase consideration was found during the extensive search operation ? (ii) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in heavily relying on the banakhat despite the fact that the deal as per such banakhat was called off and thereafter, fresh arrangement was made as per which, the purchase consideration was reduced from Rs. 4.25 crore to Rs. 2.05 crore and the convey....
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....owners were allowed to sell certain furniture and fixtures as which fetched Rs. 90 lakhs by way of sale price. The affidavit also recorded that the property in question was under attachment of the lending bank. The owners have directly paid inclusive of the payments made by the purchasers a total sum of Rs. 2.05 crores to the bank for lifting the attachment. 3. The Assessing Officer was of the opinion that the reduction in the reflected sale price as compared to the banakhat price was not properly explained. He confronted the assessee with such drastic reduction in such a short span of time. The assessee mainly raised following contentions: I. The land bearing block No.210/B was eventually not purchased though shown in the banakhat since....
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....ind any question of law arising for the following reasons: I. As noted, the notarized banakhat executed on 03.03.2006 had disclosed a total sale consideration of Rs. 4.25 crores for the entire property. The last date for completing the sale by making full payment was 31.05.2006. On 26.05.2006 itself, the final sale deed was executed. In such sale deed, there was drastic reduction in the reflected sale consideration from a total of Rs. 4.25 crores shown in the agreement to sale, the sale deed only evidenced payment of Rs. 1,14,15,000/. Only component principally missing was the furniture and fixtures which the owners were themselves allowed to sale which fetched a sum of Rs. 90 lakhs. There still remained a shortfall of Rs. 2.20 crores whi....