2025 (8) TMI 672

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2. At the outset, the Learned Authorised Representative ("Ld. AR") submitted that the solitary ground in the appeal is on account of addition of Rs. 70,93,332/- made by the Learned Assessing Officer ("Ld. AO") and sustained by the Ld. CIT(A). The brief facts with regard to the grounds are that the assessee had purchased 8 acres of land at Karkhal Pahad village of Mahboobnagar District @ Rs. 40,000/- per acre on 20.03.2006 by a registered sale deed. During the search operation u/s.132 of the Act conducted on 30.11.2006 in the premises of the assessee, one deed of the agreement to sale was seized from the premises of the assessee. As per the seized deed of agreement to sale, the consideration decided per acre of land was Rs. 12,22,222/-. One....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h has been registered before a sub-registrar, which is a government agency. A dealing which has been executed before a government agency cannot be disputed. He further submitted that they have produced before the Ld. AO as a comparable, one registered sale deed executed between the other independent party at the same time in the same locality from which also it can be pursued that the market value of the land was Rs. 4,000/- per acre and the assessee had negotiated with the seller at the relevant market value and paid the market value to the seller, no extra amount had been paid by the assessee to the seller in excess of the amount mentioned in the registered sale deed. He further argued that the Ld. AO had made addition only relying on an ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he fact remains that during the course of search, these documents were found from the possession of assessee which clearly shows that previous agreement in respect of same piece of land was for a consideration of Rs. 12,22,222/-. Furthermore, it is found that the survey number and the land area sold were same in both the deeds. It is also found that one of the agreement holder and one of the purchaser to the deed of agreement to sale were the witness to the registered sale deed. The clear chain of the documents found from the premises of the assessee and the one which was registered in favour of the assessee clearly show that the value of the land has been shown at a low consideration as against the other consideration mentioned in the agre....