TaxTMI 
TaxTMI 
2024 (9) TMI 86
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....10-11 u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter the 'Act'), vide order dated 21.12.2018. 2. Brief facts of the case are that the assessee is an agriculturist and earned income from dairy activities. The assessing officer alleged that during the year the assessee has purchased 6 acres of agricultural land on 09-02- 2010 from Shri. K.C. Sivalingam of kalipatti village for a sale consideration of Rs. 90,00,000/-. On verification of the Data base, the assessee has not filed the return of income for the Asst. Year 2010-11. Hence Assessing Officer had reopened the case and stated that he has reason to believe that income chargeable to tax has escaped assessment for assessment year 2010-11 within the meaning of section 147 o....
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....mugasundaram 2,11,000/- Total 9,99,000/- On going through the above details, AO find that during the year under consideration the assessee had registered two documents in his name for a total registered value of Rs. 9,99,000/- only. Further, during the course of inquiry sworn statement was recorded from the three sons of the Seller Late Shri. K. C. Sivalingam all of them of the deceased have unanimously claimed to have received Rs. 78,00,000/- only in cash as sale consideration by their father on 09.02.2010, and also supported by the fact that the entire sale consideration were invested in LIC Polices at Rs. 25,00,000/- each on subsequent dates i.e; on 10.02.2010 and 11.02.2010. Moreover, AO also observ....
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....Registrar Office. Therefore, on the basis of the cross examination of the appellant and witness (Shri. P. Velayuthan) at para 3.7, ld.AO held that the assessee was not able to prove that the amount actual paid to the sellers. Hence, made an addition of Rs. 84,55,000/-. 3. Aggrieved assessee challenged the order of AO before the ld.CIT(A). The ld.CIT(A) after considering the submissions of the assessee, dismissed the all grounds of appeal and held as under:- ''I have examined the facts of the case and submissions made the appellant. It is a commonplace knowledge that the purchase /sale of agricultural lands are mostly To undervalued to avoid the stamp duty payments and to accommodate unaccounted cash into the land investments. This case a....
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....letely supported the orders of the lower authorities and prayed for dismissal of appeal of the assessee. 6. We have heard the rival submissions and perused the orders of the lower authorities and find that the impugned order is not sustainable in the eyes of law on account of following reasons: I. There is no documentary evidence unearthed by the AO which could show that the assessee had paid huge amount over and above the sale consideration mentioned in both sale deeds dated 09.02.2010; II. Market value of the property fixed by the Sub-Registrar office is Rs. 9,99,000/- for the both are find mentioned in last page of each sale deeds; III. On first principles and on general law, the principles of evidence Act has not been applied by ....
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....on of AO then why no action had been taken by the AO against those persons who had receipt of Rs. 25,00,000/- each and had not filed their respective return of income; VII. The Apex Court in Damodhar Narayan Sawale (D) through LRs. Vs. Shri Tejrao Bajirao Mhaske&Ors(2023 SCC Online SC 566) held that provisions of TOPA along with the provisions of Registration Act and further emphasized that a Sale Deed, when registered and executed in due compliance, shall confer a valid and legitimate title to the receiver. In supra case it was noted that, the execution and registration of Sale Deed was not in dispute however, the dispute was only for nature of the transaction. It was noted that registered Sale Deed having recitals for transfer of right,....