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TMI Blog2017 (11) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... stified in deleting the addition of Rs. 5.13 crore made by the Assessing Officer on account of unexplained investment in purchase of agricultural land on the basis of sale agreement and other documents found and impounded during the course of survey under section 133A in which the sale consideration was Rs. 7 crore ?" 3. Counsel for the appellant has taken us to the order of the Assessing Officer and contended that the Assessing Officer after considering the evidence on record has come to the conclusion as under : "Hence, it is established that the sellers had agreed to sell their land measuring 4.47 + 5.74 hectares. for Rs. 7 crores because of the market value of land was Rs. 7 crores in that case. It is also stated that no prudent busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closed sources/income during the year under consideration which has not been shown by the assessee-firm in its return of total income. Therefore, penalty proceedings under section 274 read with section 271(1)(c) are also being initiated separately for furnishing of inaccurate particulars of income/concealing particulars of income on this account." 4. The counsel for the respondent has taken us to the order of the Commissioner of Income-tax (Appeals) wherein it has been held as under : "To sum up, I do not agree with the decision of the Assessing Officer to use the agreement to sell 13.25 hectares of land at Rs. 8.25 crores that was never executed, and the offer to purchase 10.21 hectares, a part of the same 13.25 hectares, for Rs. 7 cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es taken by the Sub Registrar, and adopted value of the plots at Rs. 40 per sq. ft. The learned Income-tax Appellate Tribunal has mentioned in its order that one of the purchasers of two plots, viz., Shri B. S. Bomb, was also examined by the Assessing Officer, who had purchased two plots worth Rs. 36,000 each, and on the same consideration sale- deeds were registered. The Assessing Officer has not discussed the statement of Mr. Bomb. Apparently, there was no other reliable material on record before the assessing authority to assume sale of plots at Rs. 40 per sq. ft. Learned counsel for the appellant relied on Smt. Amar Kumari Surana v. CIT [1997] 226 ITR 344 (Raj)), in which on account of sufficient material on record and in absence of exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny relevant material has been ignored or misread by the Commissioner of Income-tax (Appeals) or the Tribunal while deleting the addition made by the Assessing Officer, such questions, in any case, are required to be answered against the Revenue and in favour of the assessee. In other case reported in CIT v. Kishan Kumar [2008] 3 DTR (Raj) 142, it was held that while computing undisclosed income under section 158BB, the rates of property fixed by the Stamp Valuation Authority for the purposes of registration of sale deeds, cannot be taken to be the price for which the property was purchased. 7. The aforesaid citations make it clear that in the absence of evidence on record, higher price for sale of land cannot be presumed from the consider ..... X X X X Extracts X X X X X X X X Extracts X X X X
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