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2015 (3) TMI 48 - AT - Income TaxUnexplained investments in a residential flat - gap of eight years for transfer of title - CIT(A) deleted the addition - Held that:- It is surprising that one would wait for nearly eight years for transfer of title. The parties generally, to ensure performance, retain a part of the consideration pending the completion of any part of the contract, which may include an aspect or part of construction work, or even execution of agreement and its registration, only upon which there is transfer of title. However, that would not by itself imply that purchase had not occurred earlier, and that it had occurred only along with, i.e., the said transfer, about 8 years later. Further, there is nothing to show that the purchase cost exceeded the stated consideration of ₹ 4 lakhs, or that any part thereof, whatever be its value, was paid during the relevant year, or that it (the said year) witnessed anything apart from the execution of the agreement and its registration. Deferring the date of possession to the year 2003, i.e., after the date of occupancy certificate, would not also advance the Revenue’s case, which, as made out, is without any credible evidence or legal basis. The Revenue referred to a statement by the builder dated 26.12.2011, charging the first appellate authority to have proceeded by ignoring the facts brought out thereby. The same, which may well be relevant, is neither on record nor do we find any reference thereto in the assessment order itself. In fact, we find the assessee to have per the ‘statement of facts’ before the said authority specifically contended that no adverse view could be drawn on the basis of statement u/s. 131 by the promoter, Bombay Stone Quarries, copy of which had also not been supplied to him, i.e., without affording an opportunity for cross examination. There is no reference to this statement in the impugned order, even as the A.O.’s reliance thereon is admitted. It is unfortunate that the parties did not bring the same to our notice during the hearing. The tribunal in deciding an issue before it, is to answer all the grounds raised, taking into account all the relevant facts. In fact, we observe this to be an aspect of the issue arising for adjudication, though assumed in the form of a ground. The matter would therefore warrant being restored back to the file of the ld. CIT(A) for reconsideration - Also estore the matter qua the deletion of ₹ 1,80,230/-, towards payment of stamp duty and registration charges during the relevant year, back to the file of the first appellate authority for adjudication in accordance with law per a speaking order - Decided in favour for assessee for statistical purposes.
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