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TMI Blog2015 (9) TMI 739X X X X Extracts X X X X X X X X Extracts X X X X ..... has erred in deleting the addition made by the Assessing Officer of Rs. 9,39,61,200/- by invoking section 69B of the Act. 3. In brief, the relevant facts are that the respondent assessee purchased a property viz. Unit No.401, Commerze Zone, Yeravada, Pune, from M/s. K. Reheja Corp Pvt. Ltd. vide a purchase agreement dated 24/03/2009 for a consideration of Rs. 9,81,60,000/-. In the course of assessment proceedings, the Assessing Officer invoked the provisions of section 69B of the Act and determined an amount of Rs. 9,39,61,200/- as value of investment made by the assessee in the aforesaid property which was not recorded in the books of account. Thus, an addition of Rs. 9,39,61,200/- was made by invoking section 69 of the Act. 4. Section 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... econdly, as per the Assessing Officer the Housing Development Finance Corporation Ltd., who had advanced loan of Rs. 9,50,00,000/- to the assessee towards purchase of the impugned property had valued the property at Rs. 13.74 crores, which also higher than the stated value of the transaction. Thirdly, as per the Assessing Officer the purchase agreement did not indicate the purchase of 55 Nos. of parking slots, whereas the Leave and Licence Agreement entered into by the assessee indicated that such parking slots were at the exclusive disposal of the assessee company; the Assessing Officer inferred that stated consideration did not include the value paid for the parking slots. In the course of assessment proceedings, the Assessing Officer als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has not paid any additional consideration towards the purchase of the parking slots other than the amount stated in the purchase deed. 8. Ld. DR appearing for the Revenue has primarily reiterated the points raised by the Assessing Officer in the assessment order, which we have already adverted to in the earlier part of the order and are not being repeated for the sake of brevity. The Ld. DR submitted that there was circumstantial evidence to show that the consideration stated in the purchase deed was undervalued, in as much as the valuation report prepared by HDFC Ltd., showed that the value of the property was much higher than the stated consideration. Ld. DR has relied upon the judgment of Hon'ble Rajasthan High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer has discharged such a burden. 9. The facts, as emerging from the orders of the authorities below as well as the material on record clearly establishes that the Assessing Officer did not have any clinching evidence to suggest that the assessee has paid any consideration for purchase of property over and above the stated consideration. The reference made by the Assessing Officer to the value determined by the stamp valuation authority for the purposes of payment of stamp duty cannot be taken as an evidence to demonstrate that assessee has actually paid any consideration over and above the stated consideration. The reference by the Assessing Officer to valuation contemplated by the lender i. E. HDFC Ltd. is also of no con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24/3/2009, copy of which has also been placed before us in the Paper Book. Therefore, we find no error on the part of CIT(A) in negating the aforesaid stand of the Assessing Officer . 11. In so far as the reliance placed by the Revenue on the judgment of Hon'ble Rajasthan High Court in the case of Smt. Amar Kumari Surana vs. CIT(supra) is concerned, the same does not support the instant case of the Revenue; and, rather the Hon'ble Rajasthan High Court has also approved the proposition that the burden is on the Revenue to prove that real investment exceeds the investment shown in the books of account of the assessee in the context of section 69B of the Act. Of course, on facts of the case before it, Hon'ble High Court found it fit to uphold ..... X X X X Extracts X X X X X X X X Extracts X X X X
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