Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (8) TMI 740 - AT - Income TaxUnexplained deposit(investment) in the bank - source of cash deposited in bank - sale of property by the assessee for Rs. 56,78,751 - sale deed was executed by the GPA holder for a consideration of Rs. 17,50,000 - Held that:- Since this sale deed was not executed by the assessee she can not be said to have the knowledge that the sale deed was executed only for Rs. 17,50,000/-. No fault can be found with the issue of Power of Attorney which was executed in favour of Shri Ravinder Kumar only after receipt of full consideration. The fact of payment of cash also becomes clear from the copy of affidavit filed before the lower authorities When these facts regarding execution of sale deed at lower amount came to the knowledge of the assessee, assessee's husband filed a complaint on 14.11.2008 with the Tehsildar, Naraingarh. Copy of this complaint was marked to the Chief Ld. Commissioner of Income Tax also. On the basis of this complaint, action was taken by the Registering authority which becomes clear from the order of the Collector (translated copy of the same is available at page 48 to 51 and 52 to 58 of the paper book). The Collector has clearly held that upon Inspector of adjoining area that though registered sale deeds were executed on the collector rate but the same was less than the prevalent market rate. This clearly shows that the assessee was taken for a ride and the cash portion paid to the assessee by the buyer was not declared and whatever steps the assessee could have taken, have been taken by the assessee to report the matter to the authorities. The cash has been received by the assessee on sale of agricultural land and the same has been deposited in the bank. - Source proved - No addition.
|