2020 (11) TMI 598

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....00/- on account of property purchased during the year. 2. We have heard the Learned Representative of both the parties through video conferencing and perused the material available on record. 3. Briefly the facts of the case are that A.O. had information that assessee purchased immovable property for Rs. 50 lakhs during the assessment year under appeal. Notice under section 148 was issued, however, no return of income was filed in response to the said notice. The A.O. issued other statutory notices also and directed the assessee to explain the source of investment made in purchase of immovable property amounting to Rs. 25 lakhs being her half share in the property + registration expenses. The A.O, therefore, noted that assessee ....

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.... 67,500/- registration expenses] and after reducing Rs. 18 lakhs as agricultural income, treated the balance amount of Rs. 7,67,500/- as unexplained investment and made the addition accordingly. 3.1. The assessee challenged the reopening of the assessment as well as addition before the Ld. CIT(A), however, the appeal of assessee were dismissed. 4. Learned Counsel for the Assessee referred to copy of the sale deed of agricultural land Dated 11.06.2009, copy of which is filed in the paper book along with English transaction in which it is mentioned that the land purchased by the assessee jointly with Smt. Ram Rati was mortgaged by the owner of the property till 14.11.2012. Thus, the total consideration of Rs. 50 lakhs should have bee....

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....o Rs. 15 lakhs + stamp charges of Rs. 67,500/-. The total amount invested by the assessee in agricultural land was Rs. 15,67,500/- only in assessment year under appeal as against the benefit allowed by the A.O. for Rs. 18 lakhs. Thus, no addition could be made in assessment year under appeal. 5. On the other hand, Ld. D.R. relied upon the Orders of the authorities below and submitted that A.O. has already given sufficient benefit to the assessee, therefore, addition is justified. 6. After considering the rival submissions and the facts stated in the sale deed as explained above and the receipt executed later on, on behalf of the mortgagee would clearly show that the agricultural land purchased by the assessee was for a consideration o....