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2010 (10) TMI 529 - AT - Income TaxAddition of income – Undisclosed investment in the property - As purchase consideration of Rs. 7 lakh was much less than the value fixed by the Government, the AO referred the valuation of land to the valuation officer vide letter dated 9th September, 2008 who furnished the report vide letter dated 24.11.08, wherein the property valued at Rs 22,22,500 - Assessee has not mentioned any reason for the transaction being made below the circle rate therefore, relying upon the valuation report the AO has made addition of Rs. 15,22,500 - It is submitted that onus in the present case was on the AO to prove that additional amount was expanded over and above the amount shown in the books of account by the assessee for acquiring the asset and such onus has never been discharged by the AO - Department has ample evidence on record which is in the shape of circle rate of valuation report that the market rate of that property was three fold of the amount stated by the assessee in the sale deed - No doubt sec. 50C will not have any application in the case of purchaser of the property but in the present case the addition has been made only u/s 69B of the Act read with sec. 142A of the Act - The burden will be on the assessee to prove that it had actually paid the amount which is stated in the title deed and no extra consideration has been passed – Decided against the assessee
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