2022 (11) TMI 589 - AT - Income Tax
Unexplained investment in property u/s 69 r.w.s 115 BBE - difference in sale consideration mentioned in the MOU and sale consideration mentioned in the sale deed - HELD THAT:- As it is not the case where during the course of search the assessee has been found to have made any investment but it is a case that as a result of documents found and impounded at the time of survey on M/s Boss Gears Ltd. the impugned addition has been made.
Also an undeniable fact that the seller has admitted to have received Rs.9.47 crores as against Rs.18.22crores alleged by the AO. Therefore, the burden is squarely upon the revenue to prove that the actual transaction was of Rs.18.22 crores, which it has grossly failed to establish, and most importantly, assessment order of the seller M/s Boss Gears Ltd., mentioned elsewhere clearly demonstrates that the sale consideration in the case of the seller has been accepted and by any stretch of imagination it cannot be accepted that the Assessing Officer of M/s Boss Gears Ltd. was unaware of the fact that survey operation was conducted at its premises during the financial year relevant to the Assessment Year considered by him while framing the said assessment order. We, therefore direct the Assessing Officer to delete the impugned addition - The grounds argued before us are allowed.