TaxTMI 
TaxTMI 
2024 (5) TMI 1590
X X X X Extracts X X X X
X X X X Extracts X X X X
....onsideration, the assessee had entered into an agreement for sale of agricultural land situated at Village : Attari, Tehsil & Dist: Raipur, Chhattisgarh with various persons as per records and raised advance against the above agreements. These advances were deposited in the bank account of the assessee maintained with HDFC bank. That on enquiry from the A.O during the course of assessment proceedings, the assessee in order to establish identity, genuineness and source of investments of the advance received in respect of agreement for sale has submitted before the A.O various agreements of sale and confirmations. Thereafter, summons u/s. 131 of the Act had been issued by the A.O to all the persons from whom the assessee had received advances against agreement to sale of agricultural land. In response to the summons issued, all the said persons except Shri Shatrughan Nishad attended and confirmed that they had entered into agreement with the assessee for the purpose of purchasing agricultural land from him situated at Village : Attari, Tehsil & Dist: Raipur, Chhattisgarh and had given advances as per said sale agreements. The assessee also furnished affidavits from all the persons wh....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... in his assessment order is upheld and ground of appeal on this issue is hereby dismissed." 4. At the time of hearing, the Ld. Counsel for the assessee reiterated the submissions made before the sub-ordinate authorities and emphasized on the fact that confirmations and sale agreements pertaining to Shri Deen Dayal Nishad and Shri Shatrughan Nishad totalling to Rs. 20 lacs were already filed before the A.O. That during the assessment summons u/s. 131 of the Act were issued to all the parties i.e. proposed buyers of agricultural land from the assessee and responding to such summons Shri Deen Dayal Nishad had appeared and confirmed the advance and all other admitted having entered into agreement and having paid advances to the assessee. In this regard, no adverse inferences has been drawn in respect of all the parties apart from these two persons viz. Shri Deen Dayal Nishad and Shri Shatrughan Nishad. 5. Per contra, the Ld. Sr. DR supported the findings of the sub-ordinate authorities. 6. I have carefully considered the contentions made by the parties and analyzed the facts and circumstances involved in this case a/w. documents on record. This is a case where the agreements o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....en Dayal Nishad;- Name Sr. No of stamp paper Date of issue Sr. No of issue by stamp vendor Deendayal Nishad L 698534 (PN 11 of PB) 06.07.2015 2503 Shartughan Nishad L 698532 (PN 15 of PB) 06.07.2012 (PN 16 of PB) 2501 Budharu Nishad L 698531 (PN20 of PB) 06.07.2012 (PN 21 of PB) 2500 Kamlabai Verma L 698529 (PN 26 of PB) 06.07.2012 (PN 27 of PB) 2498 Manish Dhruv L698540 (PN 29 of PB) 06.07.2012 (PN 30 of PB) 2505 Bahadur Yadav L698533 (PN 35 of PB) 06.07.2015 (PN 36 of PB) 2502 Manoj Yadav L698547 (PN 32 of PB) 06.07.2012 (PN 33 of PB) 2507 When all the other stamp papers are dated "2012" and serial number of stamp paper & of its issue is in same serial, the mistake on the part of stamp vendor is obvious. iii) No enquiry from stamp vendor. iv) Similar transactions entered into by asses-see with 13 parties, who also gave similar cash advance and out of the total 13 parties, cash advances received from 11 parties accepted by the AO. Genuineness of agreements executed with such parties also accepted by the AO." 8. The said discrepancies as pointed out in the r....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orting evidence, therefore, the contention raised in the assessment is correct. However, the A.O in the remand report has not brought out any legal adversity nor his comments that such affidavit filed is not genuine or that it is dubious and false. When the matter was remanded to the file of the A.O calling for remand report, he was bound to make necessary enquiry and come out with the findings instead of that he simply and summarily rejected the affidavits filed as additional evidence by the assessee with regard to Shri Shatrughan Nishad. 12. That in the totality of the facts and circumstances, it is observed that department accepted the factum that the assessee had initially entered into agreement of purchase with three parties i.e. (i) Shri Ramakant Pandit; (ii) Shri Amit Sashdeva and (iii) Shri Dinesh Sachdeva and the department also accepted the fact that subsequently the assessee entered into agreement for sale with regard to 7 persons and in due course, the assessee had received advanced money from them. At the assessment stage, various sale agreements, confirmations of the parties and affidavits were filed by the assessee. Shri Shatrughan Nishad was not present at the as....