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2024 (3) TMI 540 - ITAT DELHIAssessment u/s 153C - Undisclosed investment u/s 69 r.w.s 115BBE - AO concluded that the sale consideration of the impugned property cannot be less than Rs. 40.06 crores and treated the consideration of the impugned property at Rs. 40.06 crores - Whether incriminating material belonging to Assessee found during the course of search on the basis of which addition is made? - HELD THAT:- As the agreement found and seized and the payments made thereon are no way connected to the assessee. AO clearly accepted that the agreement was cancelled and not executed. Assessment u/s 153C concluded in the assessment of one of the buyer in the agreement mentioned being taxed as per the cash transactions mentioned in the agreement. Assessee cannot be held responsible to contents of the agreement for which he is neither signatory nor executor. The property was registered by the assessee and no evidence of payment by the assessee is mentioned neither in the agreement nor on any material gathered during the search or post search enquiries. Even the cheque payments made by the alleged buyer in the agreement have been returned back to the buyer. Hence, the assessee cannot be tied up with the agreement which is executed between four unrelated parties to the assessee. CIT(A) has duly examined the evidences on record and the confirmative evidence of the seller and came to a conclusion that assessee cannot be taxed for the money which has not paid. CIT(A) has also examined the comparable instances of the sale of property in the same area which is at parity with the value adopted and purchased by the assessee. Hence, in view of the tangible material on record duly examined by the CIT(A), we hereby affirm the decision of the ld. CIT(A). Decided against revenue.
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