2026 (3) TMI 809

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....Kumar, Sr. DR ORDER PER: T.R. SENTHIL KUMAR, JUDICIAL MEMBER This appeal is filed by the Assessee as against the ex-parte appellate order dated 23-09-2025 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, (in short referred to as "CIT(A)"), arising out of the assessment order passed under section 143(3) read with Section 144B of the Income Tax Act....

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....issued to the assessee. Assessee made a reply that the sale deed was cancelled by cancellation deed registered as document no.14011 of 2022, dated 26.09.2022. Therefore, the question of invoking Section 56(2)(x)(b) of the Act does not arise. This explanation was not accepted by the AO whereby made addition of Rs. 39,31,428/- and demanded tax thereon. 3. Aggrieved against the assessment order, a....

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....l submissions and perused the materials available on record including the Paper Book filed by the assessee. It is undisputed fact that the assessee along with six other co-owners entered into a purchase transaction for immovable property at Survey No. 183 at Ankleshwar by executing a sale deed on 27.11.2019. However, the same was registered with the Sub- Registrar Office only on 22.09.2022 and was....

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....lete details with regard to the transaction including the registered deed of cancellation made on 26/09/2022 with the seller showing that the transaction of purchase made on 27/11/2019 had been cancelled, the transaction which had given rise to the application of provisions of Sec. 56(2)(x). The documents and the submissions uploaded have been carefully examined and found that the transaction of p....