2021 (9) TMI 332

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....cts of the case are that the assessee is engaged in the business as civil contractor. He is also involved in sale and purchase of plots. A survey action was taken against the assessee sometime in August 2013, during the course of which the assessee disclosed certain income. On this basis, the Assessing Officer (AO) initiated re-assessment proceedings. The assessee had purchased a piece of land at Zone No.12, Gat No.122 at Village Harangal in the joint name with Mr. Nitin Navandar for a sum of Rs. 45.00 lakh and the registered sale deed was executed on 02-08-2010. An agreement dated 17-06-2010 was found during the course of survey, which indicated the purchase price of the above mentioned land at Rs. 1.21 crore, for which a registered sale d....

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....tion at Rs. 45.00 lakh because it was realized that the approach roads to the plots were not appropriate and the earlier agreed sale consideration was on higher side. It was also put forth that the Agreement found during the course of survey was meant only for market purpose to show the higher sale consideration to the prospective buyers after plotting. During the course of survey when the assessee was confronted with the agreement dated 17-06-2010, he categorically stated in response to question no.34 that the Agreement entered for Rs. 1.21 crore did not materialize due to lack of amenities such as approach roads etc. Further, in response to question no.156, the assessee submitted that he purchased the said land along with Mr. Nitin Navand....