Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 870 - HC - Income TaxReopening of assessment - difference in sale price as per the 'agreement to sell' dated 14.10.1999 & sale deed dated 01.09.2002 - undisclosed payment of Rs. 65.80 lacs to the sellers - escaped assessment for the AY 2000-01 - Held that:- There can be no escape in the light of the interpretation of Section 147 that there existed sufficient reasons for the AO to believe that the undisclosed income in the hands of the appellant-assessees escaped assessment in the year 2000-01. The agreement to sell dated 14.11.1999 was admittedly signed by both of them. The Notary Public also supported the cause of Revenue regarding execution of the said agreement. JD Gupta was cross-examined by the assessees at length but he withstood the test of credibility who was blamed to have got the 'agreement to sell' signed by the assessees without letting them see the contents of the agreement. The agreement to sell dated 14.11.1999 referred to four demand drafts which were exactly the same as mentioned in the sale deed dated 13.09.2002. These very demand drafts appeared in the subsequent agreement to sell dated 03.02.2000 also. In the light of this overwhelming material brought on record the AO was fully justified in disbelieving the subsequent agreement dated 03.02.2000. Similarly, the far-fetched plea taken by the assessees that their signatures on the agreement to sell dated 14.10.1999 were obtained without disclosing its contents to them, cannot be accepted. The decisions relied upon by the appellants have no bearing on the point in issue - assessee's plea regarding second agreement to sell dated 03.02.2000 or the agreed sale consideration amounting to Rs. 16 lacs only, was disbelieved concluding that the assessees had made an undisclosed payment of Rs. 65.80 lacs to the sellers and both of them had invested Rs. 43,86,667/- out of their undisclosed income - against assessee.
|