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2021 (9) TMI 332 - AT - Income TaxUnaccounted investment in land - Investment from undisclosed sources - Purchase of land in joint name - acceptance of registered sale deed over the Agreement - HELD THAT:- Agreement though mentions names of 15 persons as sellers but is actually signed by only one person. Similarly, it records 2 persons as buyers but has been signed only by one buyer. Further, this is not a registered document. Thus, on one hand, there is the Agreement which is partly signed by the parties and whose contents have not been verified by the AO and on the other there is a registered sale deed duly signed by all the buyers as well as sellers indicating the sale consideration of ₹ 45.00 lakh. Factor which weighs in accepting the registered sale deed over the Agreement is that the stamp value of the plot of land purchased by the assessee, as recorded in the impugned order, is ₹ 12.09 lakh, which is far away from the value given in the Agreement. - there are two buyers of the plot of land viz., the assessee and Mr. Nitin Navandar. The ld. DR was directed to give the status of the assessment in the case of Mr. Nitin Navandar for ascertaining if similar addition was made in his hands as well. On the next date of hearing, the ld. DR submitted that no addition has been made in the hands of Mr. Nitin Navandar. The registered sale deed needs to be acted upon in preference to the Agreement dated 17-06-2010. We are, therefore, satisfied that the plot was purchased for ₹ 45.00 lakh as given under the registered sale deed. Thus, no addition made in the hands of the assessee is called for. We, therefore, order to delete the same. - Decided in favour of assessee.
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