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2023 (9) TMI 1149 - AT - Income TaxValidity of re-assessment proceedings - AO received certain information from ITO (Investigation), Pune - As per the said reasons, there was a “Sathekhat” between assessee and Mr. Phaltane for sale of some land at a total consideration - HELD THAT:- We have perused the copy of the “Sathekhat” filed by the ld.AR - It is observed that nowhere in the “Sathekhat” amount of Rs. 1.50 crore is mentioned. Thus, it is clear that the reopening is based on a “Sathekhat” alleging sale consideration of Rs. 1.50 crore, but said “Sathekhat” does not mention anywhere the amount of Rs. 1.50 crore. There is no dispute that assessee purchased land from Mr. Phaltane vide registered sale deed dated 18.07.2009 for Rs. 55,00,000/-. The allegation of the AO that land was purchased for Rs. 1.50 crore is without any evidence. Thus, the AO has failed to establish, based on the impugned document, that there was escapement of any income in the reasons recorded; therefore, the reopening is quashed. We find support from the observations of Hon’ble Jurisdictional High Court. In the reopening reason the AO has also mentioned that assessee has claimed excess depreciation. However, there is no addition made by the AO on this basis. Addition as based on the impugned “Sathekhat” and allegation that the impugned Sathekhat mentions that the land was sold for Rs. 1.5 Crores. As observed by us in earlier paragraphs that there is no mention of Rs. 1.5 crores in the Sathe Khat. Rather there is no figure of Rs. 1.5 crores or words Rs. 1.5 crores. Therefore, in this situation the value mentioned in the registered Sale Deed is taken to be true. Hence, the AO is directed to delete the addition. Appeal of the assessee is allowed.
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