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2012 (12) TMI 1111 - HC - Income TaxUnaccounted investment u/s 69 - Held that:- There was no basis for the Revenue to presume that the respondent had made the cash payment of ₹ 1.00 crore even though the registered sale deed dt.21- 08-2006 in respect of the above sale transaction disclosed only a cheque payment of ₹ 65.00 lakhs by the respondent. Even if the vendor K.Rajani Kumari admitted receipt of sale consideration of ₹ 1.40 crores, the respondent had not admitted payment of ₹ 1.65 crores and in the sworn statement only stated that she was not aware of actual consideration paid for the purchase of the property as the transaction was negotiated by her brothers. It held that there was no document or material to show that the respondent actually paid ₹ 1.65 crores for the purchase of the property and the Revenue had drawn inferences based on suspicion, conjectures and surmises. - Decided in favour of assessee
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