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2019 (12) TMI 1301 - ITAT JAIPURUnexplained investment from undisclosed sources - CIT-A deleted the addition - as per revenue it is device to cover up the undisclosed income by the assessee by planting a purchaser whose income is exempt under section 10(26AAA) - assessee has claimed to have sold the land through an unregistered agreement which is not possible when the purchaser belongs to Sikkim and will pay such a huge consideration without having a proper title document - HELD THAT:- It is beyond preponderance of human probability that a person from Gangtok (Sikkim) would purchase a land in Rajasthan against a consideration of ₹ 2,88,60,000/- without having a proper title deed in his favour. The alleged agreement to sell is not a document which can be verified independently and can be considered as a conclusive evidence for transaction of purchase and sale of the immovable properties. The immovable properties cannot be transferred under such an unregistered document being agreement to sell. The details of assessee’s share in the alleged ancestral land are also not available on record. It is also not clear from the record whether the assessee was having the share in the ancestral property to the extent of 19.20 bigha. Not executing the sale deed and registration with the authorities even after the expiry of such a long time creates a genuine doubt about the transaction. The genuineness of the claim has not been established with verifiable documentary evidence. It is also a relevant fact that the alleged purchaser of the land being a Sikkimese, is exempt from Income tax as per section 10(26AAA) - possibility of using the name of such a person as a device to evade the tax cannot be ruled out. Accordingly we set aside this matter to the record of the AO for conducting a proper enquiry particularly on the point of the assessee’s share in the alleged ancestral property and whether the said property is available in the exclusive right of the assessee for transfer. The status of the land regarding the possession and the real ownership is also required to be verified. Needless to say that the assessee be given a proper opportunity of hearing before passing the fresh assessment order. - Decided in favour of revenue for statistical purposes.
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