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TMI Blog2017 (9) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... specific incriminating evidence brought on record by the AO, the legally declared consideration has to be accepted. The substantial difference between the value as worked out by the registration authorities and the value of purchase as declared by the assessee can at best be a starting point for any further inquiry/investigation but cannot be the sole basis for any addition and as the AO has not proved any underhand dealing and, therefore, the addition was not tenable in the hands of the assessee purchaser. Thus in absence of any positive evidence that the assessee had actually paid more than the consideration shown in the respective sale deeds for the purchase of plots, addition under section 69 could not be made simply on the basi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the value as per the circle rate was ₹ 42,52,000/-. It was further submitted that the assessee had paid full amount of stamp duty of ₹ 4,25,200/- and, therefore, the total value of property appearing in the books of accounts amounted to ₹ 12,10,000/-. It was further submitted that the assessee had paid the purchase price of ₹ 7,70,000/- in cash which was duly mentioned in the sale deed. It was further submitted that the value as per the circle rate had no relevance for the purpose of section 69B and it only had relevance for determining the sale price in case of the seller and where the provisions of section 50C were to be applied. It was also submitted that in case of the purchaser, the value of consideration did no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty in that area was much more than that mentioned in the purchase deed. It was also submitted that there was a reasonable inference that the assessee had paid an amount which was much more than what had been disclosed in the said purchase deed. It was further submitted that even the assessee had paid the stamp duty on the circle rate and had not contested the same and, therefore, it was an acceptance by the assessee of the fact that the investment made by the assessee was much more than what was reflected in the books of accounts. It was also submitted that the circle rate was an adequate yardstick for measuring the difference. The Ld. senior DR also submitted that it was incumbent upon the Ld. CIT (Appeals) to have made adequate enquiries ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that no one can be taxed by implication. The Ld. authorised representative also submitted that the report obtained by the Income Tax Inspector, as referred to by and relied upon by the AO, was also not admissible in law because such report had been obtained by the AO behind the back of the assessee and had not been brought to the notice of the assessee during the course of assessment and was, hence, of no evidentiary value. It was submitted that in light of the settled judicial position, the impugned order should be upheld. 6. We have heard the rival submissions and have also perused the relevant material on record. The Ld. CIT (Appeals) has deleted the addition by observing that there was no merit in the addition made by the AO as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... factual position and the legal position which has been lucidly discussed by the Ld. CIT (Appeals) and further buttressed by the fact that the Department could not lead any further evidence to the contrary even before us, we are unable to agree with the contentions of the learned senior departmental representative and have no hesitation in upholding the order of the learned CIT (Appeals). Our view also finds support from the order of the ITAT Jaipur Bench in the case of ACIT versus Swami Complex (Private) Limited in ITA No. 449/JP/2005 reported in 111 TTJ 531 wherein the ITAT Jaipur Bench was pleased to hold that in absence of any positive evidence that the assessees had actually paid more than the consideration shown in the respective sale ..... X X X X Extracts X X X X X X X X Extracts X X X X
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