TMI Blog2015 (2) TMI 635X X X X Extracts X X X X X X X X Extracts X X X X ..... e PUDA reflecting a sale consideration of ₹ 10,000/- per square yard. The statements are clear, categoric and as they do not suffer from any contradictions are sufficient when read alongwith the other sale deeds and the nature and location of the land to rightly infer that the revenue has discharged its onus. The situation would have been different if the statements by vendors did not inspire confidence being contradictory or vague or there was no other evidence or the assessee had produced evidence to rebut these statements. The assessee apart from his bald statement is unable to refer to any contradiction in the statements of his vendors or any evidence to rebut the material on record. The revenue has discharged its onus of prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o thereafter filed a revised return on 31.03.2001, declaring a sale consideration of ₹ 38 lacs. The assessee filed a return of income of ₹ 1,26,108/- on 16.11.1999 which was processed under Section 143 (1) of the Act but pursuant to notices issued under Section 148 of the Act, re-assessment proceedings were concluded on 30.03.2006 under Section 143(3) read with Section 147 of the Act at an amount of R.35,56,110/-. 7. Aggrieved by this order, the assessee filed an appeal which was dismissed by the Commissioner of Income Tax (Appeals) (hereinafter referred to as the 'CIT(A)' on 23.04.2007. The assessee filed an appeal before the Tribunal. The appeal was allowed and the matter was restored to the assessing officer for ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the primary question relates to the nature and the evidentiary value of the statements made by the vendors, which may be answered in the context of the following substantial questions of law namely:- i. Whether under the facts and circumstances of the case the Tribunal order is unreasonable, while accepting the surrender of income through the revised return in the hands of the seller after the initiation of the detection of concealment resultantly a paradoxical stand in the hands of the assessee? ii. Whether under the facts and circumstances of the case, the Tribunal order is sustainable, whereby the inferences drawn relying on the uncorroborated unilateral statement recorded after the survey and not as a consequence return u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsideration for a transaction and whether a statement that discloses a sale consideration different from the sale consideration recorded in the sale deed, is sufficient to raise an inference that the sale price recorded in sale deed does not reflect the true market value of the transaction. 12. A perusal of the facts reveals that the assessee's vendors made a statement, during a search, that the sale transaction was hopelessly under valued as they had received a sale consideration of ₹ 38 lacs instead of the ₹ 3,70,000/- recorded in the sale deed. The assessing officer based his opinion on the aforesaid statements and added ₹ 34,30,000/- as undisclosed income by way of unexplained investment in the purchase of prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prove that the valuation of a transaction, is other than that recorded in a registered sale deed, necessary falls to the revenue but where the revenue is possessed of sufficient material that raises a presumption that consideration reflected in a registered instrument, is incorrect, the burden to rebut this presumption, shifts to the assessee. The revenue has in its attempt to discharge onus recorded the statements of the assessee's vendors, who were duly cross-examined by the assessee and maintained that the true value of the transaction was ₹ 38 lacs. The assessing officer has not only relied upon these statements but has also relied upon other sale deeds and a sale by the PUDA reflecting a sale consideration of ₹ 10,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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