Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 277 - AT - Income TaxAddition u/s. 69 - Real owner of asset - explanation to source of investment or not - Benami transaction - transactions to avoid the Capital Gain Tax on the property sold and also to avoid enquiry in respect of this property by the department - HELD THAT:- As sale document were executed by Sh. Sulakhan Ram in favour of the assessee with a view to avoid long term capital gain of the property, therefore which is clear from the affidavit filled by him before the Executive magistrate and subsequent transfer of entire sale consideration into his account immediately after the sale of land by the assessee. This is a case and where innocent citizen seems to have been duped by Sulakhan Ram and therefore in dept inquiries were required to be made by the AO. However despite the above said facts were brought to the notice of the Assessing Officer/CIT(A). Nothing has been done and in a cryptic and stereotype manner, the additions are made by the Assessing Officer and confirmed by the Ld. CIT(A). In the light of the above, the case of the assessee is remanded back to the file of the assessing officer to consider the documents filed by the assessee during the assessment proceeding alleging that the transaction were benami and the legal owner of the property was Sh. Sulakhan Ram.AO is directed to conduct the inquiry against Sh. Sulakhan Ram and find out the real nature of the transaction/s and to initiate the proceedings u/s. 148 or any other proceedings as he may deem appropriate for bringing out the correct nature of the transactions and levying the due tax, if any arose on account of transfer of property in the name of assessee at the first instance and thereafter transferring the property by the assessee in the name of Sh. Gurmeet Chahal, as alleged Benamidar of the Sulakhan Ram - Appeal of the assessee is allowed for statistical purposes.
|