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2013 (4) TMI 603 - AT - Income TaxRevision of orders prejudicial to revenue - search - Revenue in exercise of her powers u/s 263 of the Income-tax Act found that there was an undisclosed consideration to the extent of Rs.9 lakhs since the property was immediately mortgaged for Rs.10 lakhs by the purchaser. As per revenue, the taxpayer sold the property for Rs.1 lakhs to Shri RV Radhakrishnan. It appears, Shri RV Radhakrishnan availed a loan of Rs.10 lakhs from Kerala State Co-operative Bank by mortgaging that property. The loan availed was subsequently passed on to Welcare Hospital as loan. Welcare Hospital repaid the loan with interest. Held that - Direction was issued to A.O. to examine whether the taxpayer has received any amount more than what was disclosed in the registered sale deed. If any material is available on record to suggest that the taxpayer has received more amount than what was disclosed in the sale deed, then that amount has to be treated as sale consideration and be brought to tax for the assessment year 2005-06. This Tribunal is of the considered opinion that there cannot be any addition for assessment year 2008-09 in respect of the sale of property on 31-03-2005. With the above observations, the order of the Administrative Commissioner is confirmed and the appeal filed by the taxpayer dismissed.
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