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2017 (10) TMI 1015 - AT - Income TaxInvestment on purchase of land out of the undisclosed sources - guinity of gift receipt - Held that:- Shri Deep Chand, son of Shri Tejram, who is shown as seller of the property to the assessee, has filed an affidavit stating that he is an old man and uneducated person. He was unmarred. He was not having any successor. Rambir Singh and his wife Kanta Devi (assessee) were taking care of him. He had gifted all his property in the name of Rambir Singh and Kanta Devi (assessee). It is pertinent to note that Shri Deep Chand has categorically clearly stated that the land was given as a gift to the assessee. As per the registered Will, all properties i.e. movable and immovable located in India are to devolve in favour of Shri Rambir Singh husband of the assessee. The ld. CIT(A) has not asked report of A.O. on the veracity of content of the affidavit submitted by Shri Deep Chand. No inquiries were made with regard to sale deed executed instead of gift deed in favour of the assessee whether it was due to bonafide mistake whether the sale consideration mentioned therein was genuine mentioned. In view of these facts, we are of the view that to decide the issue in right perspective, further inquiries with regard to the claim of assessee that property was received as gift and no consideration was paid are required. Hence, the matter is restored back to the file of Assessing Officer to be decided afresh in the light of above observations. Appeal of the assessee is allowed for statistical purposes only.
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