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2016 (1) TMI 240 - AT - Income TaxUnexplained investment- Held that:- is evident from the material on record that the sale consideration was at ₹ 11,40,000 which was received by the vendor. In my view mere payment of extra stamp duty to fulfil the Government norms, may not come in the line of any unexplained investment by the assessee and his brothers in purchase of property in question, unless any evidence is available with the department that the assessee and his brothers has paid any extra sum, for invoking the provisions of section 69B. In the instant case, the A.O. has made the addition on two counts i.e., (1) the sum of ₹ 3,80,000 is only an advance and (2) though, the plots were allotted in the year 2005, the registration took place in the year 2007 by paying the balance consideration. As could be seen from the allotment letter dated 30.07.2005 as well as the explanation offered by the assessee vide letter dated 07.02.2014 during the course of assessment proceedings, the registration could not take place due to mortgage of plots with the HUDA and on release of the mortgaged plots by HUDA on 31.01.2007 vide Lr.No.7676/MP2/PLG/HUDA, the registration took place on 09.03.2007. The A.O. could not produce any documentary evidence that the assessee and his brothers made unexplained investment in purchase of property. Even if at all any unexplained investment has been made by the assessee and his brothers in purchase of property, the said sum could not be brought to tax in this year as assessee purchased same in an earlier year. A.O. simply came to the conclusion that unexplained investment has been made by the assessee and his brothers in purchase of property in question in this year even though the deed itself specifies the fact of purchase in an earlier year and reasons for non-registration in that year. Even the consideration paid by assessee in advance was specified. - Decided in favour of assessee
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