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2012 (12) TMI 1111 - ANDHRA PRADESH HIGH COURT

2012 (12) TMI 1111 - ANDHRA PRADESH HIGH COURT - TMI - ITTA No.563 of 2011 - Dated:- 10-12-2012 - SRI JUSTICE GODA RAGHURAM AND SRI JUSTICE M.S. RAMACHANDRA RAO PET.ADV. : NARASIMHA SARMA RESP.ADV. : SRINIVAS JUDGMENT (Per Hon ble Sri Justice M.S.Ramachandra Rao) This appeal is filed under Section 260-A of the Income Tax Act, 1961 (for short the Act ) challenging the order dt. 31-03-2011 in I.T.A.No.1504/Hyd/2010 of the Income Tax Appellate Tribunal, Hyderabad Bench-A, Hyderabad relating to the .....

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at the respondent had purchased a property bearing plot No.304-O, plot No,78, Jubilee Hills from Smt. K.Rajani Kumari, wife of C.Radha Krishna Kumar under a registered sale deed dt.21.8.2006 which disclosed a consideration of only ₹ 65.00 lakhs. 4. A search and seizure action was conducted on the premises of Sri C.Radha Krishna Kumar on 25-10-2007 and in the said search, a diary was found and entries in the said diary disclosed that certain cash amounts totaling ₹ 1.00 crore were als .....

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e did not know the actual consideration paid for the purchase, that the cheque amounts of ₹ 65.00 lakhs are paid her but she has no knowledge of the cash amount of ₹ 1.00 crore. Her brother K.V.Srirama Murthy also gave a statement dt.20-11- 2007 stating that the above property was purchased in 2002 and only ₹ 65.00 lakhs was paid and there was no cash payment at all. 6. However, Smt. K.Rajani Kumari, in her return of income filed in response to the notice issued under Section 1 .....

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at in real estate transaction, cash payments are normally made over and above the consideration mentioned in the registered sale deed ; therefore the sum of ₹ 1.00 crore is treated as unaccounted investment in the purchase of property and the same is liable to tax under Section 69 of the Act in the hands of the respondent. 8. Challenging the same, the respondent filed an appeal to the Commissioner of Income Tax (Appeals)-IV, Hyderabad. The said appeal was dismissed by order dated 15-10-201 .....

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e Tribunal. 10. The Tribunal held that there was no search action in the case of the respondent; that the seized material was found not in the premises of the respondent but in the premises of C.Radha Krishna Kumar; that it was a loose slip containing certain entries which was not in the handwriting of the respondent; that it does not contain either date of payment or the name of the person who made the payment; that the name of the respondent was not found in the loose sheet and only the names .....

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ayment of ₹ 1.65 crores and in the sworn statement only stated that she was not aware of actual consideration paid for the purchase of the property as the transaction was negotiated by her brothers. It held that there was no document or material to show that the respondent actually paid ₹ 1.65 crores for the purchase of the property and the Revenue had drawn inferences based on suspicion, conjectures and surmises. 11. Challenging the same, the Revenue has filed the present appeal. 12 .....

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