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2011 (11) TMI 438 - HC - Income TaxSearch and seizure - Revenue made addition of Rs 52.50 lacs treating the same to have been paid by the assessee to seller for purchase of land based on the statements of the children of deceased seller - Held that:- It is undisputed that registered sale deed has been executed by Sri Venkatagiriyappa in favour of the assessee and is bought for a consideration of Rs. 8,50,000/- . Also, statement of son of deceased vendor was not cross-examined. Further materials on record would also show that additional income of Rs. 14.00 lakhs was offered and the same has been accepted for the AY 1997-98 and the finding that actual sale consideration of Rs. 75.00 lakhs and not Rs. 8,50,000/-, is not at all based upon the material found during search and is based / upon the statement of Sri V. Sadananda, which could not have been relied upon by the Assessing Officer. Addition rightly deleted - Decided in favor of assessee.
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