TMI Blog2018 (7) TMI 1252X X X X Extracts X X X X X X X X Extracts X X X X ..... t dated 23. 08. 2011. Therefore, it cannot be construed that the GPA executed by the assessee is in pursuance to the unregistered sale agreement. As per GPA, the market value of the property of ₹ 1,00,50,000/- only was mentioned. Nowhere, it is mentioned that the sale consideration has been received by the assessee from Mr. Atluri Ram Babu of ₹ 1,00,50,000/-. Therefore, the Ld. CIT(A) is not correct in deleting the addition made by the AO based on GPA. Therefore, under these facts and circumstances of the case, we are of the opinion that the Ld. CIT(A) ought to have referred the GPA to the AO and called for remand report and decide the matter - Appeal filed by the revenue is allowed for statistical purpose. - I. T. A. No. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - in cash into his bank account with Indian Overseas Bank, Ring Road Branch, Vijayawada in SB A/c No. 106701000016627. The AO has asked the assessee to file the sale deed. The assesse on 09. 03. 2015 filed an unregistered sale agreement in respect of the above sale transaction. On verification of the sale agreement copy dated 23. 08. 2011, it is noticed that the sale agreement dated 23. 08. 2011 for ₹ 1 crore was not registered and moreover it does not contain the addresses of the buyers, but only names of the buyers were mentioned and as such the identity of the persons purchased the property, genuineness of the transaction is not verifiable. The AO has asked the assessee to furnish the addresses of the buyers, encumbrance certificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith contention of A. O. that the deposit of one crore has not been explained with documentary proof and the document filed by appellant is not verifiable and not having any corroborative evidence like the identity of the buyers etc. In my view, contemporaneous evidence in the form of GPA agreement and sale agreement and corresponding deposits in bank coupled with subsequent encumbrance certificate clearly established the genuineness of the transactions. Hence, addition of ₹ 99,00,000/- is not in order. I direct the Assessing Officer to delete the same. 4. On being aggrieved, the Revenue carried the matter before the Tribunal. The Ld. DR has pointed out that the Ld. CIT(A) deleted the addition made by the AO based on the GPA fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Sub Registrar, Gudivada. Therefore, the AO ought not have doubted the genuineness of the transaction and strongly supported the order passed by the Ld. CIT(A). 6. We have heard both the sides, perused the records and gone through the orders of the authorities below. The case of the assessee is that he has sold the property though unregistered sale agreement dated 23. 08. 2011 to 4 persons namely Valluruvalli Rajasekhara Prasad, Atluri Ram Babu, Sankabathula Naga Venu Kumar, Varuvula Bala Krishna Murthy and received a consideration of ₹ 1 crore on the same day and the same amount is deposited in his bank account with Indian Overseas Bank, Ring Road Branch, Vijayawada in SB A/c No. 106701000016627. The AO has doubted the transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e taking into consideration of the GPA dated 24. 08. 2011, ought to have called for the remand report from the AO. Not only that in the GPA filed by the assessee, he has not referred unregistered sale agreement dated 23. 08. 2011. Therefore, it cannot be construed that the GPA executed by the assessee is in pursuance to the unregistered sale agreement. As per GPA, the market value of the property of ₹ 1,00,50,000/- only was mentioned. Nowhere, it is mentioned that the sale consideration has been received by the assessee from Mr. Atluri Ram Babu of ₹ 1,00,50,000/-. Therefore, the Ld. CIT(A) is not correct in deleting the addition made by the AO based on GPA. Therefore, under these facts and circumstances of the case, we are of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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