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2015 (2) TMI 860 - DELHI HIGH COURTSatisfaction Note preceded notice under Section 158BD dated 03.06.2002 - validity of notice rejected by Tribunal - Held that:- There is no dispute about the fact that the receipt was signed by the assessee which indicated that the total consideration was ₹ 33 lakhs. Even though it alluded to an agreement to sell dated 08.06.1999, the fact remains that no written agreement apparently was executed; what is a matter of fact, however, is that possession of the property was with the searched party, i.e. Batra brothers and their firm. Furthermore, the searched party had disclosed the consideration received at ₹ 4 lakh only. It is also not in dispute that the amount was in fact received by the assessee. Given these circumstances, that the Satisfaction Note, prima facie, recorded that the owner of the property was B.L.Goel (assessee’s father) and that the amount was received by the assessee on the father’s behalf cannot be determinative in the facts of this case. Since the amount was received, as a matter of fact, and the books of the purchaser showed that a fraction of that sum was disclosed as sale consideration, the Revenue was entitled to issue notice to the respondent, ascertaining whether such amount was actually received by him and, if so, on whose behalf, and proceed further. Thus the ITAT’s order narrowly confirming the invalidity of the notice of the assessment, that the entire amount was received by the assessee on behalf of his father cannot be upheld. The property did not belong to Mr.B.L.Goel and the impugned order is not sustainable, it is accordingly set aside. The matter is remitted back to the ITAT to decide the assessee’s appeal in accordance with law. - Decided in favour of revenue for statistical purposes.
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