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2022 (5) TMI 171 - ITAT DELHIAssessment u/s 153C - Undisclosed capital gain - seized document found, the price consideration of sale of property was mentioned at Rs.2,72,00,000/-, whereas as per the sale deed the sale price was Rs.2,01,00,000/-- HELD THAT:- CIT (A) enhanced this amount on some wrong presumption by taking the sale consideration received by another co-owner, Mrs. Priya Suri which is out-rightly incorrect, because as per records the property was owned by two sisters and both have received half the share and hence it cannot be clubbed in hands of assessee. Even this not the case of the Assessing Officer nor there is anything in record. Therefore, the enhancement made by the ld. CIT (A) at the threshold is deleted. Entire basis of addition is based on the seized paper wherein the amount mentioned as against the amount mentioned in the sale deed - Once the assessee had given the reasons as to why the amount received by the assessee was lower than the agreed sale price and not only that, when the AO has made his enquiry directly from the purchaser u/s 133 (6), who has also confirmed that it has purchased the property at the same price i.e. Rs.2,01,00,00/-, then we do not find any reason as to why the addition should be made on such seized document. Apart from that, agreement to sell mentions Rs.2,42,50,000/- and not Rs.2,72,00,000/-. Now, whether the property was agreed to be sold at Rs.2,01,00,000/- or Rs.2,72,00,000/- (as per seized document), but fact of the matter is that property was actually sold at Rs.2,01,00,000/- which has been declared by the assessee in the computation of income as long term capital gain which has also been admitted by the purchaser. Thus, there cannot be any presumption till any contrary material is found form the purchaser also that there was payment over and above the agreed price in the sale deed. Accordingly, on merits, grounds no.2 & 3 are allowed.
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