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TMI Blog2011 (10) TMI 467X X X X Extracts X X X X X X X X Extracts X X X X ..... e there is an agreement of sale which gives the correct valuation to which the assessee is a party which is confirmed by the valuation of an approved valuer, nothing more is required to come to the conclusion that the consideration for the sale is Rs. 58,50,000. That consideration is not mentioned in the sale deed and what is mentioned is not the true consideration. addition sustained - Decided ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the name of his wife Smt. Naseema Hameed on 20-12-2005. Smt. Naseema Hameed obtained the valuation report from an approved valuer, who also gave the valuation of the property at Rs. 58,50,000. However, the consideration mentioned in the sale deed is Rs. 27,00,000, Rs. 31,50,000 is the difference in the value. It is that amount which was added in a scrutiny assessment and tax was levied. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pay the said amount by cheque, if the assessee agrees to mention the sale consideration in the agreement at Rs. 58,50,000. He further submits that the valuation report obtained by the purchaser is without the consent of the assessee and the assessee is not the person who has obtained the valuation report. Therefore, according to him the valuation report do not bind the assessee and it does not ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s hardly Rs. 27,00,000. It is contended that there is no evidence to show that the difference amount has been paid. If these arguments are upheld on that ground, these type of transaction would multiply. When amount is paid by way of cash unaccounted, unrecorded, question of anybody producing the evidence to prove the same would not arise. When once there is an agreement of sale which gives the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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