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2020 (4) TMI 556 - AT - Income TaxAddition u/s 69B - AO treated the assessee as co-owner for 50% share of the property and taxed 50% of the sale consideration along with stamp duty as unexplained sources u/s 69B - contention of the assessee is that the assessee is only having 10% in the total investment, thus requested to delete the addition made by the AO over and above the 10% of share - HELD THAT:- Agreement dated 31.12.2010 between the assessee and the other co-owners was unregistered and the stamp paper was purchased on 24.03.2005. Since the property was registered on 15.06.2012 and the Registered sale deed do not support the purported agreement dated 31.12.2010, the agreement dated 31.12.2010 appears to be an afterthought hence, rejected. On perusal of the sale deed, there was no mention with regard to shares of the parties - lower authorities rightly assessed 50% of the share of the property in the hands of the assessee. Accordingly, appeal of the assessee on this ground is dismissed. Taxing share of 50% u/s 69B - From the perusal of the sale deed, the assessee has made the investment to the extent of ₹ 26.59 lakhs jointly along with other co- owners in the F.Y.2013-14 for which the assessee could not explain the source. Therefore, we hold that the sum of ₹ 13,29,500/- (being 50% of 26.59 lakhs) required to be brought to tax and the remaining amount should be deleted - Set aside the order of the Ld.CIT(A) and direct the AO to verify the actual payments made during the year and decide the issue. The appeal is remitted to the file of the AO for a limited purpose of verifying the actual dates and the actual payment made in the impugned assessment year and to make the addition representing the investment made in the impugned assessment year. Appeal of the assessee is partly allowed for statistical purpose.
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