TaxTMI 
TaxTMI 
2025 (4) TMI 1984
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....1,98,66,000/- made by the Assessing Officer u/s 69A without appreciating the provisions contained therein and evidences submitted in the course assessment proceedings before the Assessing Officer. (ii) On the facts and in the circumstances of the case, and also in law, the Ld. C.I.T. (A) erred in confirming the addition of Rs. 1,98,66,000/- made by the Assessing Officer u/s 69A in as much as the investment of the said property was recorded by the appellant and relevant details were furnished before Assessing Officer in the course assessment proceedings, which has been completely ignored. (iii) On the facts and in the circumstances of the case, and also in law, the Ld. C.I.T.(A) erred in confirming the addition of Rs. 1,98,66,000/- made by the Assessing Officer u/s 69A in as much as additional evidence furnished before Ld. CIT(A) in the appellate proceedings is not considered while passing the order. Learned CIT (A) did not furnish copy of the remand report, if any, received from the Assessing Officer to the appellant for obtaining rejoinder from him. Passing of the appellate order, in absence of rejoinder from the appellant is invalid and against the natural justi....
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....a Gajanan Thorve, bearing Survey No. 8/8, Survey No. 8/15 and Survey No, 8/17 situated at Savargaon, Taluka- Karjat, District-Raigad for an aggregate consideration of Rs. 2,58,00,000/- vide agreement dated 30.03.2019. Said agreement was registered on 01.04.2019 with the Sub-registrar's office at Karjat under document entry no. 1102/2019. Share of assessee in the said land was 77 percent and balance 23 percent were held by the other two in ratio of 15% and 8%. Accordingly, assessee was required to pay Rs. 1,98,66,000/- for his share. 4.1. It is relevant to note that based on the above purchase agreement the names of the appellant along with two other purchasers were mutated in 7/12 extract of the agricultural land bearing Survey No. 8/8, Survey No. 8/15 and Survey No. 8/17 by fer far entry number 789 by the Talathi (competent authority) in the land records on 15.06.2019. 4.2. In the assessment proceedings, assessee submitted that he made a payment of Rs. 6,50,000/- only before execution of the agreement which is acknowledged by the seller also. This amount of Rs. 6,50,000/- was paid out of total amount of Rs. 1,98,66,000/- payable by the assessee for his share leaving bala....
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....ey no. 8/15(77%) to Sh. Dineshchandra Devilal Chhajed, Dilip Panchand Majithia and Dheer Nitin Thakkar, for a sale consideration of Rs. 40,50,000/-. It was submitted by the assessee that efforts were made to prevent the litigants from creating any trouble in the aforesaid transactions. For the purpose of meeting the cost of litigation, assessee under the compelling circumstances sold small portion i.e. only 20%. Owing to this fact, ld. Assessing Officer did not accept the reply filed by the assessee that it has only paid Rs. 650000/- and balance amount is still pending since according to him, without possession of property, assessee cannot sell the property. Thus, ld. Assessing Officer formed an opinion that the remaining payment for the share of the assessee amounting to Rs 1,92,16,000/- (1,98,66,000/- - 6,50,000/-) has been paid from undisclosed sources, leading to addition of Rs 1,98,66,000/- u/s 69A of the Act. 4.4. Assessee contended that he has paid Rs. 6,50,000/- only and that there was a dispute raised by the relatives of the seller in the said property so purchased. In view of litigation which was raised immediately after the execution of the sale deed, the seller was i....
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....rnished details of further payments made after the disposal of first appeal by ld. CIT(A) along with bank statements. Details of payment made during various stages of the impugned proceedings before ld. Assessing Officer and ld. CIT(A) are tabulated below: Sr. No. Bank name Nature of payment Date of payment Amount paid Payments made before Assessment Proceedings :- 1. Yes Bank Limited RTGS 27.11.2020 200,000/- 2. IDBI Bank Limited NEFT 03.01.2021 5,00,000/- 3. Yes Bank Limited RTGS 04.01.2021 5,00,000/- 4. Yes Bank Limited NEFT 25.05.2021 50,000/- 5 Yes Bank Limited NEFT 09.06.2021 1,00,000/- TOTAL 13,50,000/- Payments made after assessment proceedings but before CIT (A) 6 IDBI Bank Limited RTGS 13.07.2021 50,000/- 7 IDBI Bank Limited RTGS 11.09.2021 50,000/- 8 IDBI Bank Limited NEFT 02.12.2021 1,00,000/- 9 IDBI Bank limited RTGS 20.12.2021 50,000/- 10 IDBI Bank Limited RTGS 10.01.2022 50,000/- 11 IDBI Bank Limited NEFT 10.01.2022 3,40,000/- TOTAL 6,40,000/- Payments made after CIT(A)....