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2015 (9) TMI 1359 - PUNJAB AND HARYANA HIGH COURT

2015 (9) TMI 1359 - PUNJAB AND HARYANA HIGH COURT - TMI - Addition received as advance for sale of property - Held that:- It is very difficult to believe that the assessee who is not owner of the land had entered into agreement when the land belonged to her husband. Though it was stated before Assessing Officer and the Ld. CIT(A) that Power of Attorney was executed by her husband in favour of the assessee but copy of the power of attorney has not been produced before the Assessing Officer and, t .....

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were produced before him. We fail to understand how Ld. CIT(A) believed these affidavits particulars when the Assessing Officer had insisted on producing these persons. The affidavits are clearly in the nature of self serving documents and cannot be believed. Further there is no evidence why the deal did not mature. How the amounts were returned whether any receipts were taken or not is not clear. All these circumstances make the whole story not plausible. In our opinion it seems to be only a st .....

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8-8-2015 - MR. AJAY KUMAR MITTAL AND MR. RAMENDRA JAIN, JJ. For The Appellant Mr. Ravi Shankar, Advocate and Mr. B.M. Monga, Advocate For The Respondent Mr. Tajender K. Joshi, Advocate AJAY KUMAR MITTAL, J. 1. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short the Act ) against the order dated 7.11.2014 (Annexure A-3) passed by the Income Tax Appellate Tribunal, Chandigarh Bench A , Chandigarh (hereinafter referred to as the Tribunal ) in ITA .....

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ddition of ₹ 43,00,000/- without appreciating that the assessee had discharged the initial onus and the AO was duty bound to discharge its onus to prove that the impugned bank deposits are actually the undisclosed income of the assessee which in fact had been received from the intending purchasers which finding is contrary to judgment of the Hon'ble Delhi High Court in CIT vs. Oasis Hospitalities Pvt. Ltd. 333 ITR 119? 2. Briefly stated, the facts necessary for adjudication of the inst .....

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#8377; 43,00,000/- made by the Assessing Officer was deleted. Against the order, Annexure A-2, the revenue filed an appeal before the Tribunal who vide order dated 7.11.2014 (Annexure A-3) set aside the order of the CIT(A) and restored that of the Assessing Officer. Hence, the present appeal by the assessee. 4. We have heard learned counsel for the parties and perused the record. 5. The Assessing Officer vide assessment order dated 30.12.2011 (Annexure A-1) made an addition of ₹ 43,00,000/ .....

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g aggrieved, the revenue filed an appeal before the Tribunal who vide order dated 7.11.2014 (Annexure A-3) set aside the order of the CIT (A) and restored that of the Assessing Officer. 6. The Tribunal noticed that the assessee was not the owner of the land in respect of which she had entered into agreement as the land belonged to her husband. No copy of any registered power of attorney of her husband in her favour was produced. Further, a perusal of para 13 of the Tribunal's order where aff .....

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al are as under:- 12. We have considered the rival submissions carefully and find no force in the submissions of Ld. Counsel for the assessee. First of all, it is very difficult to believe that the assessee who is not owner of the land had entered into agreement when the land belonged to her husband. Though it was stated before Assessing Officer and the Ld. CIT(A) that Power of Attorney was executed by her husband in favour of the assessee but copy of the power of attorney has not been produced .....

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gree to purchase the land from attorney holder until and unless such Attorney is duly registered or the persons owning the land becomes a confirming party in the Agreement to Sell. As observed above, Power of Attorney has not been filed before us and the perusal of the Agreement to Sell clearly shows that Shri I.D. Mehta who is husband of the assessment is not a confirming party in the Agreement to Sell. The copies of the affidavits filed by four different purchasers who were stated to be not re .....

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