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2022 (6) TMI 1247 - AT - Income TaxAddition u/s. 69/69B - Unexplained investment - variation between the sale (purchase) deeds and the accounts - purchase of land, which was from farmers, was completed over a period of 3 years (beginning with the year immediately preceding the relevant previous year), resulting in a mismatch when the sale deeds were sought to be compared with the entries in the accounts for the relevant year only - HELD THAT:- The land cost as per the assessee’s accounts to be rather on a higher side, which does not agree with the AO’s finding of unexplained investment. The ld. CIT(A) has toward this end considered the entire purchase, which also addresses the differences by observed the AO with reference to the audit report, as well as the aspect of payment to the creditors, summarizing the transactions As sale deeds being a part of the record, each of which stands reflected in the assessee’s accounts, CIT-DR was required by the Bench to show as to which entries are stated by the AO to have not been paid by the assessee till the date of registration, inasmuch as each of the four sale deeds clearly mentions of the entire sale consideration having been paid by that date, or otherwise any discrepancy observed by the AO that remains to be satisfactorily resolved, to no answer, even as the matter was kept part-heard twice Further still, inasmuch as the land purchase details per the impugned order did not agree with that by the AO, the Bench made it a point to, during hearing, reconcile the two apparently different set of transactions, with a view to the confirm that the same are qua the same transactions, to find them as indeed so. The ‘difference’ in the dates between the two tables, i.e., by the AO and the ld. CIT(A), as we find, is on account of the fact that while the tabulation by the AO is as per the date of the presentation of the sale agreement for registration, that by the latter records the date of registration. There is as such no difference between the two. - Decided against revenue.
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