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TMI Blog2018 (6) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... was paid by cheque and Rs. 5 lac was paid in cash. The seller did not encash the cheques, as such, Ld. AO made an addition of Rs. 73 lacs as concealed income. It is not understood as to how Rs. 73 Lac paid for the purchase of land can be considered as income of the appellant. 2. For that Ld. CIT(A) concluded that undisclosed payment of Rs. 73 Lacs was made to the purchaser in cash, as such, these cheques were not encashed. The payment by cheque was considered as a colour full device of tax evasion. The addition of Rs. 73 Lacs made u/s 69 was confirmed. 3. For that the Deed of Sale was executed by Sri Gyan Chand Mahto, Power of Attorney Holder (POA) for land Landlords who were agriculturists. As it appears POA paid in cash a part of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lder. Thereafter, POA as it looks manipulated entire matter and kept land owners in dark and subsequently sold the land for a consideration of Rs. 1,69,97,500/-. Appellant did not receive any amount of out sale consideration of second sale. In any case, cheques of Rs. 73 lacs handed over to POA were not encashed. Appellant had not made any payment in cash beyond Rs. 5 Lacs and appellant did not get any payment out of sale proceed. As such, assessment of income of Rs. 73 lacs and Short Term Capital Gain is illegal, incorrect and against the facts. 7. For that other grounds in detail will be argued at the time of hearing. 3. Brief facts of the case are that the assessee is engaged in the business of promoters and filed the return of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ever, the cheques were not encashed till the financial year. The AO made addition on surmises and the amount has been paid by the assessee and, therefore, on assessed income and made the addition towards short term capital gains of Rs. 91,97,500/-. Ld.AR further submitted that before the AO it was brought to the knowledge that the property was again sold in parts and it was registered in the others name. Further as there is no compliance in respect of the encashment of cheques, the sale deed was cancelled and also civil suit was filed and therefore, prayed that the assessee shall not be liable to pay any tax as the sale deed has been cancelled. 7. Contra, DR submitted that the CIT(A) has enhanced the addition based on the facts and also th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t by the assessee in the court, found that the CIT(A) has passed the order on 28.09.2015, whereas the judgment of the civil suit has been passed on 30.11.2015, which is subsequent to the order passed by the CIT(A), therefore, there was no occasion to bring these fact on record. Accordingly, we remit this disputed issue to the file of AO, who shall verify and examine the completeness of the information which has been filed before the Tribunal and also call for the information as and when to be required and shall pass order. Further the assessee shall be provided adequate opportunity of hearing and shall cooperate in furnishing the information before the AO. This ground of appeal of the assessee is allowed for statistical purposes. 9. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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