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2017 (11) TMI 1019 - HC - Income TaxUnexplained investment in purchase of agricultural land - sale agreement and other documents found and impounded during the course of survey under section 133A - Held that:- In the absence of evidence on record, higher price for sale of land cannot be presumed from the consideration shown in registered sale deeds and rates of property fixed by the Stamp Valuation Authority for registration purposes cannot be taken to be the price for which the property might have been sold. Thus, there was no justification for the Assessing Officer to use the agreement to sell 13.25 hectares of land at ₹ 8.25 crores that was never executed, and the offer to purchase 10.21 hectares, a part of the same 13.25 hectares, for ₹ 7 crores that was not accepted and taken to a logical conclusion, as evidence of fair market value of the land in question. Besides these two the Assessing Officer did not bring any other evidence to show that the market value of the impugned 10.21 hectares was ₹ 7 crores. The comparison by the Assessing Officer between qualitatively different agreements with completely different terms and conditions was not appropriate. The Assessing Officer did not bring on record any evidence to show that the appellant had indeed paid ₹ 7 crores to Satya Narain Kanchhal and Rukmani Devi Kanchhal for land admeasuring 10.21 hectares - Decided in favour of assessee.
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