TMI Blog2022 (6) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... hase, which also addresses the differences by observed the AO with reference to the audit report, as well as the aspect of payment to the creditors, summarizing the transactions As sale deeds being a part of the record, each of which stands reflected in the assessee s accounts, CIT-DR was required by the Bench to show as to which entries are stated by the AO to have not been paid by the assessee till the date of registration, inasmuch as each of the four sale deeds clearly mentions of the entire sale consideration having been paid by that date, or otherwise any discrepancy observed by the AO that remains to be satisfactorily resolved, to no answer, even as the matter was kept part-heard twice Further still, inasmuch as the land purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the ld. CIT(A) vide impugned order. 3. The assessee, a registered society since 19/11/1981, is in the business of acquisition of land for plotting and subsequent sale. On the basis of information gathered by the AO, the assessee had during the relevant year purchased four pieces of land for Rs. 747.35 lacs, as under: S.No. Date Amount (Rs.) 1. 18/04/2012 3,47,90,000 2. 18/04/2012 2,92,53,000 3. 19/07/2012 60,37,000 4. 07/11/2012 46,55,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered sale deed has been shown as advance in the balance sheet. Aggrieved, the revenue is in second appeal. 4. We have heard the parties, and perused the material on record. 4.1 Our first observation in the matter is that there has been no admission of additional evidence by the first appellate authority, as the Revenue alleges per it s Ground 2, with Gd. 1 reiterating the AO s stand. As a reading of the assessment order itself shows, all the land purchase deeds as well as the accounts were before the AO, only with reference to which, regarding the variation between the sale (purchase) deeds and the accounts as not reconciled, he deemed the investment to that extent as unexplained. As explained by Shri Srivastava, the ld. co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 90609000 Year wise payment details and ledger accounts are enclosed as under: (Amount is Rs.) 2011-12 60600000 2012-13 26409000 2013-14 3600000 Total 90609000 4.2 Further, the sale deeds being a part of the record, each of which stands reflected in the assessee s accounts, the ld. CIT-DR was required by the Bench to show as to which entries are stated by the AO to have not been paid by the assessee till the date of registration, inasmuch as each of the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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