Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 1252 - AT - Income TaxAddition u/s 68 - AO has asked the assessee to furnish the details and complete addresses of the buyers, the assessee has not responded and no details were furnished - CIT(A) by considering the GPA directed the AO to delete the addition made by him - Held that:- It is a fact that the assessee has not filed GPA before the AO. He has only filed unregistered sale deed dated 23. 08. 2011. The Ld. CIT(A) before taking into consideration of the GPA dated 24. 08. 2011, ought to have called for the remand report from the AO. Not only that in the GPA filed by the assessee, he has not referred unregistered sale agreement dated 23. 08. 2011. Therefore, it cannot be construed that the GPA executed by the assessee is in pursuance to the unregistered sale agreement. As per GPA, the market value of the property of ₹ 1,00,50,000/- only was mentioned. Nowhere, it is mentioned that the sale consideration has been received by the assessee from Mr. Atluri Ram Babu of ₹ 1,00,50,000/-. Therefore, the Ld. CIT(A) is not correct in deleting the addition made by the AO based on GPA. Therefore, under these facts and circumstances of the case, we are of the opinion that the Ld. CIT(A) ought to have referred the GPA to the AO and called for remand report and decide the matter - Appeal filed by the revenue is allowed for statistical purpose.
|