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TMI Blog2012 (4) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... that the amount paid has been understated and the assessee has actually paid more than what has been declared – in favour of assessee. - INCOME TAX APPEAL No. - 265 of 2008 - - - Dated:- 10-4-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- A.N. Mahajan/S.C. Heard Shri Dhananjay Awasthi, learned counsel for the appellant and Shri S.D.Singh, learned counsel for the respondent. This appeal under section 260-A of the Income Tax Act has been filed against the order dated 29.2.2008 passed by the Income Tax Appellate Tribunal in I.T.A No. 408/LUC/2007 for assessment year 1998-1999. The Assessing Officer by assessment order dated 31.3.2006 has made addition of Rs.12,91,432/- in the income of the assessee as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty in fact, received more than what has been declared by the purchaser. In the present case, neither the statement of seller Shri Amar Nath was recorded nor any material has been brought on record to show that the actual consideration passed between the two parties was more than what has been declared by the appellant. In view of these facts, I am of the opinion that the addition of Rs.12,91,432/- made only on the basis of valuation report cannot be sustained. Therefore, it is deleted. " The only submission pressed by the learned counsel for the Department is that addition of the amount of Rs.12,91,432/- in the income of the assessee was rightly made by the Assessing Officer and Appellate Authority committed error in setting aside the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is unexplained investment within the meaning of section 69 of the Income Tax Act, 1961 for which no satisfactory explanation has been given and the same shall be the income of the assessee for the year." Section 69 of the Act on which reliance has been placed by the learned counsel for the Department is as follows: " 69. Where in the financial year immediately preceding the assessment year account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. " The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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