TaxTMI 
TaxTMI 
2017 (7) TMI 1140
X X X X Extracts X X X X
X X X X Extracts X X X X
....oduced by the assessee the AO found that a sum of Rs. 14,79,100/- was shown as opening balance as on 01/04/2010 for which the source required to be explained. The assessee explained the source was out of the sale of agricultural land situated at Athreyapuram village, West Godavari District, Andhra Pradesh. The assessee further submitted that the agricultural land was sold for consideration of Rs. 12 lakhs per acre, but registered at Rs. 2.04 lakhs as per the prevailing rate of Sub Registrar value in the area. He further stated that the said amount was given to his friends & relatives and the same was collected and deposited in his bank account. In support of the claim, the assessee filed agreement dated 08-08-2009 for sale of land for Rs. 12 lakhs and copies of encumbrance certificate showing the transfer of land. The sale agreement was on a plain paper and unregistered. The value of the property as per the encumbrance certificate was at Rs. 1,54,000/- and the assessee did not produce any other evidence to show that he had received a sum of Rs. 12.00 lakhs as per the agreement. Therefore, the A.O made the addition of Rs. 14,79,100/- to the returned income as unexplained cash deposi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....further argued that the assessee has sold the said land and registered by two sale deeds. The first sale deed was registered on 10-06-2009 for a sum of Rs. 50,000/- and the land sold in Survey No. 166/11 was admeasuring 0.25 acres. The second sale deed was for Rs. 1,54,000/-, dated 09-11-09 for a sale of property of 0.77 acres in Survey Nos. 166/13 and 166/11. The Ld. AR argued that though the documents were registered for Rs. 2.04 lakhs, the actual sale consideration was Rs. 12 lakhs and the same is evidenced by sale agreement. Therefore, the Ld. AR argued that sale consideration should be accepted at Rs. 12 lakhs but not at Rs. 2.04 lakhs as evidenced by the sale agreement. The Ld. AR relied on the decision of the Hon'ble Supreme Court in the case of Lalchand vs. Kasturi Lal in 1988 STPL (LE) 14027 (SC), wherein the Hon'ble Supreme Court held that the document shows that it is a receipt evidencing payment of money and it is also held that it does not required to be compulsorily registered. 6. On the other hand, the Ld. DR argued that the assessee had sold the agricultural land for a consideration of Rs. 2 lakhs, which is evidenced by the registered sale deed and the same has to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....for a sum of Rs. 50,000/- by sale deed dated 10-06-2009, which was registered in the O/o the Sub-Registrar, Athreyapuram. The document was signed by assessee and duly registered and the stamp duty was paid for Rs. 50,000/- which was accepted by the Sub- Registrar. The assessee also sold 0.77 acres of the agricultural land situated at Athreyapuram in Survey No. 166/13 wet land 0.50 acres for a consideration of Rs. 1.00 lakh and Survey No. 166/11 wet land admeasuring 0.27 acres for a sum of Rs. 54,000/- and Registered with the Sub-Registrar. As per the Registered sale deed, the assessee had received a sum of Rs. 2.04 lakhs for a sale of 1.02 acres of land situated at Athreyapuram. The said land was duly registered by the assessee and stamp duty was paid for Rs. 2.04 lakhs. No other evidence, except a copy of agreement written on plain paper, dated 08-08-2009, was produced by the assessee evidencing for sale consideration of Rs. 12.00 lakh. The copy of the agreement was on a plain paper and it was not registered and signed by the assessee but not signed by the second party (purchaser). The agreement was said to be for sale of land at Athreyapuram in Survey No. 166/11, the said land wa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....egistered and hence, we are unable to accept the same as valid evidence. In this case, the assessee has received Rs. 2.04 lakhs towards sale of land as discussed above. Once the immovable property is registered, the sale consideration in the registered sale document is considered to be the final consideration, since the stamp duty and other taxes for transfer of property was paid as per the consideration recorded in the registered sale deed. The contention of the assessee that he has received Rs. 12 lakhs, but registered the document only for Rs. 2.04 lakhs is not acceptable argument and such double standards are not acceptable as held by Hon'ble Supreme Court in the case of Coimbatore Spinning & Weaving Co. Ltd (supra) relied upon by the Ld. DR. Further, the Ld. AR did not place any evidence to show that the buyer has paid the amount of Rs. 12 lakhs and admitted the said amount in his (buyer) return of income Further Hon'ble Punjab and Haryana High court in [2010] 195 TAXMAN 273 (PUNJ. & HAR.) Paramjit Singh .v.Income-tax Officer on similar facts held that " It is a well-known principle that no oral evidence is admissible once the document contains all the terms and conditions. ....