TaxTMI 
TaxTMI 
2026 (8) TMI 818
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.....17 in Rangareddy District, Telangana. The land was purchased from Shri Vemulapalli Venkateswara Rao, allegedly to be based on a fabricated document. It was alleged that an unregistered sale deed was executed on 14.07.2005 for purchase of 5 acres of the above land for the consideration of Rs. 2.60 crores. It was validated on 26.08.2019 at District Registrar Office, Rangareddy. Another unregistered document was executed on 02.12.2005 for purchase of remaining 2 acres of land for the consideration of Rs. 1.04 crores, which was validated on 19.07.2021 in the same office. 3. The preliminary enquiries showed that the purchase of 7 acres of land in Survey No.17 was indeed registered on Dharani portal in the name of appellant Bannoth Laxman but the value of land was Rs. 13.84 crores. 4. On receipt of the complaint, income profile of appellant Bannoth Laxman was inquired through Income Tax Department database and it was found that he has shown meagre income in the financial years, which are as under: Sr. No. Financial Year Returned income as per ITR (In lakhs) Tax Paid (in lakhs) 1. 2021-22 18.70 3.75 2. 2020-21 - - 3. 2019-20 14.47 3.2....
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....e tax return and also about non-availability of any evidence for advancing the amount of Rs. 2.50 Crores to the appellant though he agreed to produce loan agreement. In the statement, Shri Bhupathiraju Pradeep Raju further stated that the loan was advanced for purchase of land, but no land was registered in his father's name despite lender provided Rs. 2.50 Crores cash to the appellant. The land was, in fact, registered in the name of the appellant Bannoth Laxman, who did not pay the consideration because he was having no means to pay the same. 9. The statement of Shri Mansoor Sadruddin was also recorded on 30.05.2023. He stated that he and the appellant Bannoth Laxman wanted to purchase 5 acres of land of Survey No.17 in Serllingampally, Rangareddy District, Telangana jointly but at the time of payment, he could not arrange his share. Therefore, his name did not appear on Dharani portal as pattedar. It was with further statement that he would not claim any ownership in the said property as he had not paid any consideration. It was, however, observed that Shri Mansoor Sadruddin had paid total deficit stamp duty of Rs. 36,40,000/-on 23.08.2019 through cash for registration of the....
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....loan extended by the lender which includes his father for purchase of property. It could not have been doubted only on the ground that registration of the land was after a lapse of substantial period from the date of agreement to sell. The respondents even ignored the fact that no one made a claim on the land on the ground that the consideration was paid by the lender or someone else. In view of the above, there was no reason to doubt the loan agreement and the agreement to sell for purchase of property. The learned Adjudicating Authority ignored the fact aforesaid while confirming provisional attachment of the property. 14. The appellant has paid validation fee of Rs. 18,72,000/- on 16.07.2021 through bank for unregistered sale documents towards 2 acres of land. It has been doubted because said to be not matching to the income of the appellant Bannoth Laxman but no reason for the aforesaid has been given by the Initiating Officer so as the Adjudicating Authority. In view of the above also, this Tribunal should cause interference in the impugned order. 15. The learned counsel for the appellant made a reference to the loan agreement submitted as Annexure A-4 to the appeal. It ....
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....und or is a fictitious person. 21. The allegations made by the respondents have been contested by the appellant and manifold arguments have been raised for the same. 22. The learned counsel for the appellant submitted that two transactions were entered for a property of Survey No.17 measuring seven acres of land in Rangareddy District, Telangana. It was purchased in two trenches by entering initially an unregistered sale deed in the year 2005 followed by its validation on 26.08.2019 for five acres of land and remaining two acres of land through an unregistered document executed on 02.12.2005, which was validated on 19.07.2021. The seven acres of land was purchased in two trenches largely by obtaining the loan. The first trench of purchase for five acres of land was for a consideration of Rs. 2.60 Crores. The appellant had obtained a loan of Rs. 2.50 Crores from Shri Bhupathiraju Satyanarayana Raju and remaining Rs. 10 Lakhs was paid out of the savings of the appellant's family. The remaining two acres of land was purchased after obtaining the loan of Rs. 1.04 Crores from the father. A reference of the loan document with Shri Bhupathiraju Satyanarayana Raju was given. It has b....
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....ppellant had produced the loan document but was not supported by any other material and for that reason, the Initiating Officer had referred to non-availability of any source for payment of consideration. 25. In the second trench of transaction, the consideration passed on to the seller for purchase of two acres of lan was Rs. 1.04 Crores. The amount aforesaid is alleged to have been obtained after taking loan from the father. The Initiating Officer did not find appellant's father to be income tax payee and any source to advance an amount of Rs. 1.04 Crores to the appellant as loan. It is coupled with the fact that the amount of consideration was paid by the appellant in cash and not through the banking channel. In view of the above, the Initiating Officer not only inquired but analyzed the matter before making a reference to the Adjudicating Authority for confirming provisional attachment of the property. It may be that the father may not require to execute a loan document but before extending the loan, one should be capable of transferring the amount. In the instant case, no material has been discovered by the Initiating Officer despite his all efforts to find out the source f....