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2017 (9) TMI 179 - ITAT DELHIAddition u/s 69 - unexplained investment - Difference between the value of the property as per the Stamp Duty Act and the value of the property as per the purchase deed - application of section 50C - CIT-A deleted the addition as there was no merit- Held that:- There was no provision in the Act which could have helped the AO to reach a conclusion that the difference between the value of the property as per the Stamp Duty Act and the value of the property as per the purchase deed can be straight away construed to have been paid by the assessee in excess of what has been declared in the purchase deed. The Ld. CIT (Appeals) has noted that in absence of any specific incriminating evidence brought on record by the AO, the legally declared consideration has to be accepted. The substantial difference between the value as worked out by the registration authorities and the value of purchase as declared by the assessee can at best be a starting point for any further inquiry/investigation but cannot be the sole basis for any addition and as the AO has not proved any underhand dealing and, therefore, the addition was not tenable in the hands of the assessee purchaser. Thus in absence of any positive evidence that the assessee had actually paid more than the consideration shown in the respective sale deeds for the purchase of plots, addition under section 69 could not be made simply on the basis of higher valuation of the plots either by the DVO or the values adopted by the sub-registrar or the Revenue Board for the purpose of stamp duty. - Decided against revenue
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