2026 (8) TMI 1579

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lication for condonation of delay. For the reasons stated in the application for condonation of delay, the delay of 26 days in filing the present Appeal is hereby condoned. 3. Brief facts of the case are that, Assessee along with her husband purchased an immovable property by showing sale consideration at Rs. 16,31,438/- whereas the market value determined by the Stamp Valuation Authority was Rs. 30,51,000/-. The case of the Assessee was reopened based on the information and a notice u/s 148 of the Act came to be issued. An Assessment Order came to be passed u/s 147 of the Act on 30.05.2023 by making an addition of Rs. 7,09,781/- u/s 56(2)(vii)(b) of the Act. As against the Assessment Order dated 13.05.2023, Assessee preferred an Appeal ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....that as per sale deed, Assessee is the owner of the immovable property jointly purchased by the husband of the Assessee in the Assessee herein. Therefore, the Assessing Officer rightly considered that the Assessee herein escaped the income (which is 50%) of Rs. 7,09,781/-. The Ld. DR relying on the orders of the Lower Authorities, sought for dismissal of the Appeal. 6. We have heard the parties and perused the material available on record. It is not in dispute that Assessee along with her husband purchased immovable property for the sale consideration of Rs. 16,31,438/- whereas the market value determined by the Stamp Valuation Authority was Rs. 30,51,000/-. As per the Assessee, the entire sale consideration has been given by the husband....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....,000 299750 SBI 31.01.2015 4,000     Total 1,900,000 7. During the assessment proceedings, Assessee contended that Assessee has not contributed to the sale consideration and the entire sale consideration has been paid by the husband. The Revenue has not made any further enquiry by issuing notice to the husband of the Assessee. Though the first name in the sale deed, Assessee's husband's name has been mentioned as purchaser and the Assessee has also contended that her husband has paid the entire sale consideration, no assessment proceedings has been initiated against the husband of the Assessee. 8. As per Section 45 of the Transfer of Property Act, 1882, 'in the absence of evidence as to the interest i....