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2022 (8) TMI 286 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 69 - difference in the value of purchase consideration and the cash available with the assessee in his bank account at the time of purchase of land - HELD THAT:- The explanation of the assessee was found acceptable by the AO taking note of the agricultural land sold. There is no dispute on the quantity of the land sold or the price for which it was sold. However, the AO questioned the investment in agricultural land made by the assessee which included the purchase price of the land plus the stamp duty taxes thereon. The explanation to the extent of Rs. 10,53,000/- was found to be wanting. Considering explanation offered by the assessee before the CIT(A) by way of fresh evidences which have been confronted to the AO, reasons for discarding the explanation of the assessee set out cannot be upheld As in the peculiar facts of the present case in the face of the assessee's pleading that Smt. Gurdial Kaur was mother of Shri Jasveer Singh which remains unrebutted on record and the fact that late Shri Jasveer Singh also had interest in the land being purchased and hence was paid. This fact also remains unrebutted on record, the availability of funds doubted by the AO stands explained by way of cheque payments made by the assessee from another bank account No. 55110180046 of SBOP, Jakhwali branch which initially had remained unnoticed. This fact also remains unrebutted on record. We find that in the peculiar facts and circumstances, the sustaining of the addition or the further enhancement of the addition is unwarranted on facts. Considering the record and the explanations, the addition made is directed to be deleted and the enhancement challenged vide ground No. 6 also set aside. Accordingly, the appeal of the assessee is allowed. Said order was pronounced in the Open Court at the time of hearing itself.
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