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2019 (1) TMI 1135 - AT - Income TaxAddition on account of long term capital gains - statements of purchaser u/s 131 in order to bring the truth on record - Held that:- In the present case, the department is heavily relied upon the receipt in question with regard to taking sale consideration of the property in question at ₹ 2.25 crores which fact is contradicted by the sale agreement found during the course of search and the sale deed executed by the parties. Since the receipt in question is not signed by the seller and the purchaser, therefore, it was duty of the A.O. to record the statement of Shri L.C. Madan, Shri Pawan Khurana and Shri Vikram Sharma u/s 131 in order to adjudicate upon the issue between the parties. In this view of the matter, we are of the view that the matter requires reconsideration at the level of the A.O. The decisions relied upon by the D.R. in the written submissions would not support the case of the Revenue because of the findings above. We, accordingly, set aside the Orders of the authorities below and restore the matter in issue to the file of A.O. with a direction to make proper enquiry into the matter by recording statements of Shri L.C. Madan, Shri Vikram Sharma and Shri Pawan Khurana under section 131 of the I.T. Act with regard to sale consideration mentioned in the receipt in question - Appeal of Assessee is allowed for statistical purposes.
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