Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (9) TMI 68 - KERALA HIGH COURTUnexplained investment – purchase of shop – value of investment - The terms and conditions mentioned in the agreement dated May 12, 1997, are revealing. The agreement clearly stipulates an amount of Rs. 49,91,842 as the value of shop The fact that the assessee had paid advance has also been mentioned in the agreement dated May 12, 1997. There is no dispute to that effect. Further, it is also clear that the assessee had declared payment of Rs. 12,50,000 at the time of the agreement under the Voluntary Disclosure of Income Scheme - burden of proof is on the respondent to show that the assessee had actually paid more than what was actually disclosed - assessee had not correctly declared or disclosed the consideration received by him and there is understatement or concealment of consideration – assessee’s appeal dismissed
|