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2019 (6) TMI 540 - AT - Income TaxUnexplained investment u/s 69 - cashless transaction - four immovable properties registered with Sub-Registrar, Melapalayam, Tirunelveli - HELD THAT:- It is not in dispute that the land owners, power of attorney holders and the assessee firm are all inter related. Assessee firm is the concern of the land owners and the power of attorney holders and these facts are not in dispute - cashless transaction is quite possible as explained by the assessee and further evidenced by affidavits of all the concerned parties. Further, it was explained before the AO that the assessee company paid the sale consideration to the land owners during the subsequent two financial years. It appears that neither the Ld.AO has verified the same nor disputed the same. AO has arrived at his decision only based on the registered document closing his eyes on all other events and transactions. From the conduct of the AO it appears that the assessee has paid the sale consideration in the two subsequent years which the AO has taken note off as it was brought to his notice by the assessee however the AO has restrained to address or comment on the same. If the sale consideration is not paid then it cannot be said that the sale had taken place. In the case of the assessee it appears that the sale consideration is paid only in the subsequent years and therefore transfer as per Section 2(47) of the Act should be construed to have taken place at the most when part consideration is paid coupled with handing over possession of the land. - Decided against revenue.
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