2019 (6) TMI 540

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....d three elaborate grounds in its appeal however the crux of the issue is that the Ld.CIT(A) has erred in deleting the addition made by the Ld.AO amounting to Rs. 1,60,51,200/- U/s.69 of the Act towards unexplained investment in four immovable properties registered with Sub-Registrar, Melapalayam, Tirunelveli. 3. The brief facts of the case are that the assessee is a firm engaged in the business of civil contract carrying on construction work for established business concerns and educational institutions, filed its return of income electronically for the assessment year 2013-14 on 05.10.2013 admitting total income of Rs. 1,04,62,826/-. The case was selected for scrutiny under CASS and notice U/s.143(2) & 142(1) of the Act was issued. Final....

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....transferred in the name of the assessee firm immediately without the payment of sale consideration at the time of execution of sale deed. Accordingly, the land was registered in the name of the firm on 28.01.2013. (5). This cashless transaction was possible because the land owners, power of attorney holders were all relatives and their family concern is the assessee firm. (6). The entire payment for the purchase of the land was made in the subsequent two years, i.e. during the financial years 2013-14 and 2014-15. (7). Affidavits from each of the 13 joint owners of the land were filed to justify the above transaction. 5. However, the Ld.AO was of the view that the facts mentioned in the registered document cannot be ignored. The Ld.AO....

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....ale consideration was paid, it was claimed that no consideration was paid at all and the property was transferred as a gift. However, the facts are different in the case of the appellant. In the case of the appellant, it is only claimed that the consideration was paid in the subsequent two years for which evidence were filed including account copies and affidavits from the land owners confirming that the money was not paid copies and affidavits from the land owners confirming that the money was not paid during this year. In the circumstances, I find that the above decision of the Hon'ble Punjab and Haryana High Court cannot be applied to the facts of this case. The appellant has treated the land as an asset when the registered sale de....

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....e consideration and such facts are not denied by the Assessing Officer and further it cannot be said that the above explanation is unsatisfactory on facts. In the circumstances, there is no case for any addition u/s 69 and the same is deleted." 7. Before us, the Ld.DR argued in support of the order of the Ld..AO whereas the Ld.AR relied on the order of the Ld.CIT(A). 8. We have heard the rival submissions and perused the material on record. It is pertinent to mention that in income-tax proceedings, the entire actual facts have to be taken into consideration in order to assess the income of an assessee. Documentary evidence will only have a persuasive value and the genuine events and transactions will override documentary evidence. Precis....