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TMI Blog2016 (6) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... single penny towards the sale price of lands covered by MoUs and that saledeeds for lands covered by MoUs had not been executed. In the presence of the aforesaid documents evidence, the assumption or presumption arrived at by the Assessing Officer is uncalled for and bad in law. - it was absolutely illegal for the Assessing Officer to presume the factum of payment for those lands and that too at the rate mentioned in the MoUs. The Tribunal was completely justified in deleting the addition - Decided in favour of assessee - TAX APPEAL NO. 574 of 2006 With TAX APPEAL NO. 575 of 2006 - - - Dated:- 10-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONENT : MR MANISH J S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Assessing Officer passed an order making addition of ₹ 14,64,79,500/- towards undisclosed income. 5. The assessee preferred appeal before the CIT(A)II. The CIT(A)II partly allowed the appeal whereby, it sustained the addition of ₹ 6,56,37,650/- pertaining to lands covered under different Memorandum of Understanding (MoU) and ordered deletion of ₹ 8,08,41,850/- pertaining to the remainder of lands. 6. The Department challenged the order of CIT(A)II directing deletion of the addition of ₹ 8,08,41,850/- and assessee challenged the order of sustenance of addition of ₹ 6,56,37,650/- before the Income Tax Appellate Tribunal. Both the appeals were heard together and disposed of by the Tribunal, vide impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... listed at Sr. No.(g) were with respect to lands other than the lands covered under the Agreements for Sale listed under Sr. No.(f). 9.2 From the contents of the aforesaid documents, it is clear that insofar as lands covered by Agreements for Sale were concerned, the main documents were the Agreements for Sale itself, receipts of payments received by sellers and the Affidavits. The other documents, such as Irrevocable Power of Attorney, Wills, Possession Receipts were consequential and since the Affidavits of the sellers confirmed the area of land and receipt of sale price, as mentioned in the Agreements for Sale, these two documents were substitute of each other and the contents of the same could not be ignored unless there is any posit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer to that effect are illegal and bad in law since no evidence was brought on record to show that the assessee had, in fact, or in actual, made payment on the basis of said rates. 11. On the record, there is nothing to establish the factum of actual payment of purchase price at the rates as mentioned in MoUs by the assessee to the sellers for lands covered by the Agreements for Sale or the MoUs. On the contrary, the Affidavits of all the six sellers found and seized during the search, itself confirm that none of them had received any amount in excess of the amounts mentioned in the Affidavits, which were with respect to lands covered by Agreements for Sale dated 26.02.1996 and had not received any single penny towards the sale pri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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