TMI Blog2005 (9) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee had paid advance has also been mentioned in the agreement dated May 12, 1997. There is no dispute to that effect. Further, it is also clear that the assessee had declared payment of Rs. 12,50,000 at the time of the agreement under the Voluntary Disclosure of Income Scheme - burden of proof is on the respondent to show that the assessee had actually paid more than what was actually disclose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... selected for scrutiny. During the course of survey under section 133A an agreement dated May 12, 1997, executed between the prompters of City Centre Shopping Complex, Round West, Trichur, and the assessee was obtained. As per that agreement the assessee had agreed to purchase shop room No. 115 measuring 688.53 sq. ft. with proportionate common facilities in City Centre, Trichur, for a sum of Rs. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee in the construction/purchase of shop No. 115 admeasuring 688.53 sq. ft. with other common facilities in the City Centre was Rs. 49,91,842 as per the agreement dated May 12, 1997, and after giving credit to Rs. 12.5 lakhs admitted by the assessee and disclosed under the Voluntary Disclosure of Income Scheme the difference of Rs. 37,41,842 was taken as unexplained investment made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue has not discharged the burden of showing that the assessee had paid Rs. 49,91,842 for the shop No. 115. Sri P.K.R. Menon, senior counsel appearing for the Revenue, on the other hand, contended that there is clinching evidence in this case to show that the agreement dated May 12, 1997, was genuine and acted upon and therefore the Department is justified in treating the difference as income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat was actually disclosed. This burden has been discharged by the Revenue. The burden can be discharged by the Revenue by establishing the facts and circumstances from which reasonable inference can be drawn that the assessee had not correctly declared or disclosed the consideration received by him and there is understatement or concealment of consideration. On the facts we are in full agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X
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