9911796707
TMI Blog2014 (7) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is an individual. For the assessment year under dispute, the assessee filed return of income on 24-1-2008 declaring income of Rs. 59,87,100/- besides agricultural income of Rs. 50,000/-. During scrutiny assessment proceedings, the Assessing Officer noticed that the assessee along with Sri M. Sursh Basavaiah sold of 1600 sq. yards at plot No. A/1, Hydernagar Village, Kukatpally Municipality on 13-3-2007 for Rs. 2,56,00,000/- and the assessee's share in the sale consideration being Rs. 1,28,00,000/-. He further noticed that the assessee has purchased this property on 15-7-1989 for a consideration of Rs. 4,80,000/- and along with stamp duty of Rs. 55,000/- and the assessee's share being Rs. 2,67,500. However, assessee while computing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee's wife has purchased the property in her name utilizing the amounts advanced to her by the assessee, it is nothing but application of income. The Assessing Officer held that the assessee has no right of ownership over the property acquired by his wife. He noted that any agreement in relation to immovable property, is not legally valid as per the Stamps Act unless it is executed on stamp paper and registered as per registration Act. Further, the Assessing Officer held that as per the cash flow statement and the statement of affairs filed by the assessee advances for property is shown at Rs. 62 lakh and an amount of Rs. 25 lakh is separately mentioned as given to his wife Mrs. Farida Banu. The 50% ownership on property of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y paying an advance of Rs. 40 lakh to her. In support of such claim, the assessee has submitted the municipal tax receipts and certificate which indicate assessee's 50% ownership over the property in question. On perusal of the finding recorded by the Assessing Officer at para 1.7(iii), it is also evident that the Assessing Officer does not dispute the fact that assessee's wife has purchased the property in her name by utilizing the amounts advanced by the assessee. That being the fact, the assessee's investment in the property cannot be disputed. It is also a fact that the assessee has shown the amount advanced to his wife towards purchase of the property in the cash flow statement. If the Assessing Officer had any doubt with regard to thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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