2021 (2) TMI 467 - ITAT JAIPUR - Income Tax

Head Note / Extract:
Addition u/s 69B - investments exceeding the amount shown in the sale deed would not fasten any liability on the assessee under section 69B - HELD THAT:- No documentary evidence has been placed on record which revealed that the assessee in the present case had purchased the property in question at a higher sum than what was revealed in the sale deed. Even otherwise, after going through contents of the registered sale deeds placed on record, we are of the view that these sale deeds are registered documents and the sale consideration of ₹ 39,12,000/- and ₹ 32,15,000/- were received by Shri Narayan and Shri Ganga Ram respectively. On the contrary, no document or corroborative evidence has been placed on record by the revenue authorities to prove that the investments made exceeded the investments shown in the books of account of the assessee. Therefore, merely stating that the assessee made investments exceeding the amount shown in the sale deed would not fasten any liability on the assessee under section 69B - We delete the addition - Decided in favour of assessee.