TMI Blog2010 (8) TMI 1027X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A)-II, Ludhiana has erred in deleting the addition of ₹ 24,10,000/- made by the Assessing Officer on account of unexplained payment of stamp duty. 4 On the facts and in the circumstances of the case , the Ld. CIT(A)-II, Ludhiana has erred in deleting the addition of ₹ 1,30,000/- made by the Assessing Officer on account of unexplained cash deposit in the bank account. 5 That the order of the Ld. CIT(A)-II be set aside and that of the Assessing Officer be restored. 2. The ground No.1 raised by the Revenue is against the deletion of addition of ₹ 38,50,000/-. The Assessing Officer during the course of assessment proceedings noted the assessee to have raised unsecured loans of ₹ 2.21 crores during the relevant period. The assessee was asked to produce the confirmation from whom the said loans were raised. The assessee vide letter dated 17.11.2008 furnished the confirmation of the loans creditors totaling ₹ 1,82,50,000/- as detailed in para 1 of the assessment order. The assessee vide another letter dated 23.12.2008 furnished the confirmation in respect of the balance three creditors totaling ₹ 38,50,000/-. The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty was levied on the market value of the said land at ₹ 2,37,45,000/-. The Assessing Officer made an addition of ₹ 21,55,000/- being the undervalue shown by assessee in the investment in purchase of land. Before CIT(A), the assessee informed that information was called for u/s 133(6) of the Income Tax Act from the sellers of the property and in reply they have furnished the proof of return of income filed in which the total payment received by the said persons from the assessee for the sale of land was reflected at ₹ 2,15,90,000/-. The assessment us/ 143(3) of the Act were completed by different officers and copy of assessment order of Shri Sukhpath Wadera relating to Assessment Year 2006-07, one of the sellers, was furnished before the CIT(A). The CIT(A) deleted the addition in the absence of any evidence to show that the assessee had paid something over and above the amount mentioned in the registration deed. The CIT(A) further observed that even if stamp duty is shown to be paid at a higher amount being the market value of land in question, the same may form basis for enquires but in the absences of any evidence, no addition is warranted in the hands of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e seller admitted to have received ₹ 40 lakhs as sale consideration for the sale of land and building. The CIT(A) has given a finding that admittedly there is no evidence as per which the appellant could be shown to have paid to the seller anything over and above that mentioned in the registration deed . The CIT(A) has further given a finding after the perusal of the assessment record that the addition in the case had been made solely on the basis of the report of the DVO. The assessee during the assessment proceedings had specifically made a request to the Assessing Officer to confront it with any material in the possession of the Department, on the basis of which it could be shown that the assessee had paid anything over and above the amount mentioned in the registration deed. No such evidence was brought on record and the said fact was also noted by the CIT(A) and finds a mention in the assessment order. 7. The provisions of section 69 B provides that where the assessee had made investment in a financial year or was found to be owner of any bullion, jewellery or other valuable article, and if the Assessing Officer finds that the amount expanded on such investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll value of consideration is the full sale price actually paid. Full value means the whole price without any deduction, whatsoever, and it cannot refer to the adequacy or inadequacy of the price bargained for. Nor does it have any necessary reference to the market value of the capital asset which is the subject-matter of the transfer. The full value of consideration does not have any reference to the market value but only to the consideration referred to in the sale deeds as the sale price of the assets which have been transferred. Their Lordships further held as under :- The reference to a Valuation Officer under section 55A is for the object of ascertaining the fair market value of a capital asset. It is only when the Assessing Officer is required to ascertain the fair market value of a capital asset in such cases as covered by section 45(4) or section 45(1A) that the provisions of section 55A can be invoked. 10. In the totality of facts and circumstances of the present case where the assessee had explained the sources of investment in the purchase of property during the financial year and in the absence of any evidence found to be contrary, viz a viz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Revenue had not controverted the findings of the CIT(A). In the absence of any contrary findings, we are in conformity with the order of CIT(A) in deleting the addition of ₹ 24,10,000/-. The source of credit also stands explained being out of the unsecured loans raised by the assessee, which in turn were looked into by the Assessing Officer. That since the assessee has also explained the source of the cash in hand and established the availability of cash, we uphold the order of CIT(A) in deleting the addition of ₹ 24,10,000/-. The ground No.3 raised by the Revenue is dismissed 12. The issue in ground No.4 is in respect of the deletion of addition of ₹ 1,30,000/-. The Assessing Officer on the perusal of the current account with Oriental Bank of Commerce found the assessee to have made cash deposit of ₹ 1,30,000/- during the relevant year. As per the Assessing Officer, no explained was furnished by the assessee and the same was treated as unexplained income of the assessee. Before the CIT(A), it was pointed out that the assessee had furnished the reply before the Assessing Officer that the amounts deposited in OBC Bank were explained as under:- ..... 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