TaxTMI 
TaxTMI 
2006 (3) TMI 118
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....atus of transferred shop as semi-finished was only for the purpose of paying less stamp duty, but actual transfer was of finished shop. This addition has been made on the supposed enquiry made from some shopkeeper in the market, about which the assessee was never informed and he had no chance to lead evidence to controvert and explain the case to the Assessing Officer. No inquiry was conducted and no material was brought to show that the actual consideration received by the assessee for shops in question, was more than what was stated. Yet, the additions made by the Assessing Officer on the basis of the market price determined by the Registrar, Stamps for the purpose of determining the stamp duty payable on execution of any document of sale....
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.... based on the description on the property as unfinished in the sale deed which is stated by this buyer Sh. Sajjat Hussain, as finished and on the strength of these evidence the books of account of the appellant have been rejected. In my view there is no other material except statement of one purchaser Sh. Sajjat Hussain, on which she has relied on. The Assessing Officer off, in her comments has also not elaborated how and in what form the concealment has been revealed by the purchaser during the course of local enquiry and/or statement recorded. She has accepted the explanation furnished by the appellant regarding difference in value taken by the Registrar for stamp duty as compared to the sale price. It is also seen from the observation of....
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....solely relied on in the assessment. The buyers including this buyer have not disclosed any specific fact relating to concealment of sale consideration and it is presumed by the Assessing Officer that since the shops were purchased in finished condition over and above price has been charge&1No evidence whatsoever in this respect has been brought on record to substantiate the finding to discharge her burden. Therefore, this part of his statement can be said to have disclosed fact regarding description of property sold by the appellant which is not consistent with the fact described by the appellant. This aspect may be relevant and a starting point in conducting further enquiry to ascertain correct facts and together material/evidence regardin....
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....ave not been given due weight and before coming to adverse conclusion. Therefore, in my view there is no sufficient evidence to come to a logical conclusion that there is understatement of sale consideration. There is no basis or logic brought on record for increasing the sale consideration by 8 per cent. for the estimate purpose. The material relied on by the Assessing Officer may not help her to justify rejection of books of account. The estimated addition on account of estimated receipt deserves to be deleted and ordered accordingly." Apparently, the finding recorded by the Commissioner of Income-tax (Appeals) and affirmed by the Tribunal is founded on appreciation of relevant material and sound reasoning about non-existence of any re....