TMI Blog2022 (7) TMI 482X X X X Extracts X X X X X X X X Extracts X X X X ..... ted facts are that the husband of the assessee in order to retain the property got the property registered in the assessee's name and has repaid the loans borrowed by him by sale of gold jewellery and personal savings of the assessee. We also find merit in the argument of the Ld. AR that the transactions are between the husband and wife and there was no actual consideration passed on between the husband and wife. The consideration mentioned in the sale deed was only for the purpose of stamp duty determination and hence it cannot be treated as a consideration received by the husband of the assessee nor paid by the assessee. Considering the peculiarity in the nature of transaction in the instant case, we find merit in the Ld. AR' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. As there was no response to the notice issued U/s. 148, another notice U/s. 148 was issued on 20/08/2014. In response to the second notice the assessee filed the return of income along with computation of income stating that the assessee sold gold jewellery of 40 Tulas valuing at Rs. 3,25,000/- and used her own savings of Rs. 3 lakhs to purchase the above said property. Since the assessee failed to appear before the AO, the Ld. AO issued one more notice on 13/2/2015 to file the evidences by 20/02/2015. Since the assessee did not respond to this notice, the AO completed the assessment U/s. 144 of the Act and added a sum of Rs. 6 lakhs towards unexplained investment to the total income returned by the assessee. Aggrieved by the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound which reads as under: The failure on the part of the Ld. AO to supply copy of the reasons recorded before the issue of notice U/s. 148 of the IT Act is jurisdictional defect which goes into the root of the matter, failure to do so, makes the assessment null and void. 4. The only issue in this case is with respect to sustenance of addition of Rs. 6 lakhs as unexplained money to the income returned by the assessee. The Ld. AR argued that the assessee's husband Sri SNN Bhogalingeswararao acquired the said property by way of General Power of Attorney in order to sell the property at a later date. The Ld. AR further submitted that the assessee later on decided to retain the property and in order to secure the document the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid by the assessee. Considering the peculiarity in the nature of transaction in the instant case, we find merit in the Ld. AR's argument that no real consideration has been transferred by the assessee for the purchase of land. In view of the disclosure made by the assessee while filing the return of income as required U/s. 148 of the Act, we are of the considered opinion that section 69 of the Act cannot be invoked as it applies only to the investments which are not recorded in the books of accounts. Considering the peculiar facts and circumstances in the instant case, actual transfer of money was not done by the assessee to her husband and since the registration was done only to save the property without real consideration, we are o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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