TMI Blog2015 (9) TMI 1652X X X X Extracts X X X X X X X X Extracts X X X X ..... ement, the assessee has sold 5.35 hectares of land which he agreed to sell at ₹ 4,51,000/- per bigha. He has received cash of ₹ 1,50,000/- as advance on 6.10.2007 and cash of ₹ 55,50,000/- on 15.10.2007. The balance amount was to be received by 15.1.2008 and then assessee was bound to do registration in purchaser's name or in any person's name whom the purchaser wanted to get it registered. The assessee submitted this agreement before the AO which he has duly apprised and accepted the contents as true to explain the transaction in the assessee's bank account as he has not made any addition to that effect. In such a situation, any contrary view taken by the CIT with regard to the contents of the agreement for sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. After considering the submissions of the assessee, we find it appropriated to condone the delay as it was attributable to ignorance of knowledge about filing of appeal and difficulty in contacting the tax practitioner who resides at a different place than that of the assessee. The delay is, therefore, condoned and the matter is heard. 3. The grounds of appeal taken by the assessee are as under:-- 1. That the order of Commissioner is contrary to the law and the facts of the appellant's case. 2. That the Commissioner of Income Tax erred in ignoring the facts that - i. The Assessing Officer had taken on record the written submissions regarding the details of the sale of the agricultural land and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er which is reproduced as under:-- The assessee is a registered medical practitioner (Ayurvedic Doctor) practicing at Village - Chandravatiganj. The assessee has sold agricultural land at village Patlod, The Sawer, Distt. Indore on 19.11.07. The registry cost of land is only ₹ 20,20,000/-. However, the assessee claims to have received a sum of ₹ 1.18 crores on sale of this land. The assessee has given details of bank deposits in the name of self and family members and claims that the same is entirely out of the money received on sale of the property. The details are available on records in the written submissions filed on 22.03.10. It is also claimed by the assessee that the agricultural land sold by the assessee is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by 15.1.2008 and then assessee was bound to do registration in purchaser's name or in any person's name whom the purchaser wanted to get it registered. The assessee submitted this agreement before the Assessing Officer which he has duly apprised and accepted the contents as true to explain the transaction in the assessee's bank account as he has not made any addition to that effect. In such a situation, any contrary view taken by the CIT with regard to the contents of the agreement for sale of the land shall amount to change in the view on the same issue. Further, the CIT himself was not sure about these transactions and he directed the Assessing Officer to examine the issue and make necessary inquiry and investigation and afte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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