TMI Blog2010 (2) TMI 262X X X X Extracts X X X X X X X X Extracts X X X X ..... d and it could not be contradicted by adducing any oral evidence. Therefore, the order of the Tribunal did not suffer from any legal infirmity. The amount shown in the registered sale deed was received by the vendors and deserved to be added to the gross income of the assessee. - 401 of 2009 - - - Dated:- 10-2-2010 - M.M. KUMAR and JITENDRA CHAUHAN JJ . Ravish Sood for the appellant. JUDGMENT The judgment of the court was delivered by 1. M. M. Kumar J.- The assessee has approached this court by invoking the provisions of section 260A of the Income-tax Act, 1961 (for brevity "the Act") challenging the order dated December 17, 2008 (A.6) passed by the Income-tax Appellate Tribunal, Amritsar (for brevity "the Tribunal") ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the deed, i.e., Rs. 24,65,000 is only the reserve price fixed by the Government for charging stamp duty. No amount was passed to the sellers by the purchaser. Question No. 6. Why did you not receive any amount as sale consideration? Answer: My brother Tarlochan Singh f/o Sh. Paramjit Singh rendered financial help to me as well as Sh. Tirath Singh in settling abroad. As such in lieu of the same we have given up our share in ancestral property in favour of our brother Sh. Tarlochan Singh with liberty to get the sale deed executed in the name of any one at any time. Keeping in view the above the property mentioned above has been transferred to Sh. Paramjit Singh son of Sh. Tarlochan Singh. A sum of Rs. 1.5 lakh was given by Sh. Tarloc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of sale deed and not by gift deed. Since, it is a sale deed. It should be considered as sale deed only and not as a gift deed. When we consider the sale deed as sale deed, the consideration reflected in the sale deed which is accepted by the Registration Authority for the purpose of stamp duty, the value mentioned therein is relevant. In the present case, the sale deed reflected consideration of Rs. 24,65,000. This is the document on which the learned Commissioner of Income-tax (Appeals) placed reliance. The story of the assessee is that the relative of the assessee has executed sale deed without any consideration . . . Hence, the Assessing Officer has reason to believe that consideration reflected is not explained, to be treated as unex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and to be assessed as unexplained investment of the assessee, since the assessee has not explained the source of investment." 3. Mr. Ravish Sood, learned counsel for the appellant, has vehemently submitted that the arrangement made between the father of the assessee-appellant and both his uncles should have been given due credence as was rightly done by the Commissioner of Income-tax (Appeals) and once his uncles have stated on oath that no consideration has passed to them then it should not be imagined that the amount has passed hands which is hidden income of the assessee-appellant and therefore liable to be added. The learned counsel has pointed out that in the account of the assessee-appellant the amount remained deposited is not m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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