TaxTMI 
TaxTMI 
2018 (9) TMI 288
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....not maintaining any books of account. The case of the assessee was selected for scrutiny on the reason that as per AIR information large investment is made in property as compared to the total income. Sale consideration of property in ITR is less than the sale consideration of property reported in AIR. The assessee was asked to explain the source of investment made in purchase of property. The assessee filed copy of the Purchase Deed relating to agricultural land in Village Kudana, Shamli for Rs. 42 lakhs. The assessee was asked to explain the source of the investment with documentary evidence. The A.O. has given various opportunities to the assessee but no satisfactory reply have been filed. The assessee in the reply submitted that her mat....
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....see in the explanation before Ld. CIT(A), reiterated the same fact and further that in the family of the assessee, her parents are different set of mind. Mother of the assessee supports the ideas/acts of the assessee, however, father did not do so. The subject agricultural land was the inherited property of the father of the assessee and due to family understanding the GPA for the said agricultural land was executed in past by the father of the assessee in favour of her mother. Finally, after denial by the father to support his daughter (i.e., assessee) in acquisition of the Flat at Mumbai, mother executed the sale deed in favour of assessee, so that, she become capable to sold the said agricultural land and purchase her house at her desira....
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..... The A.O. also reported that in the GPA it is no where mentioned that GPA holder could execute the gift deed of the property in question. The assessee filed counter comments reiterating the same facts. The Ld. CIT(A) considering the explanation of assessee and A.O, material on record, confirmed the addition and dismissed the appeal of assessee. His findings in para-13 of the order are reproduced as under : 13. "I have carefully considered the facts of the case and gone through the submissions filed by the counsel of the appellant during appellate proceedings together with the Remand Report of the AO. The mother of the appellant, Smt. Subhlaata Malik, was holding General Power of Attorney with regard to the property in issue and several o....
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....sentatives of both the parties and perused the material available on record. Learned Counsel for the Assessee reiterated the same facts and submitted that mother of the assessee was GPA holder and could not have executed the sale deed for consideration. It was not a real transaction but only a gift executed in favour of the assessee. He has, therefore, submitted that addition may be deleted. 5. On the other hand, Ld. D.R. relied upon the orders of the authorities below. 6. We have heard rival submissions and do not find any justification to interfere in the Orders of the authorities below. The assessee claimed before A.O. that maternal uncle of the assessee made a gift to purchase the property. When the A.O. asked the assessee to prove th....
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....ledged the receipt of cash of Rs. 42 lakhs in the sale deed. Further amount was spent on stamp duty etc., for execution of the sale deed. The sale deed is produced on record by the assessee and is a document belong to her. The assessee cannot deny the genuineness of the registered document at this stage. Further, the assessee did not produce any evidence on record to resile from the registered document. It is well settled law that contents of the registered document cannot be disputed through oral evidence. On the face of the registered sale deed, it is established that assessee made an investment in cash in purchase of property for a sum of Rs. 42 lakhs and other amount was spent for stamp duty etc. The assessee is, therefore, under an obl....