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TMI Blog2017 (7) TMI 1140X X X X Extracts X X X X X X X X Extracts X X X X ..... S. SUNDER SINGH, ACCOUNTANT MEMBER Assessee by : Shri B. Shanti Kumar Revenue by : Shri L. Ramji Rao ORDER PER D.S. SUNDER SINGH, A.M: This appeal filed by the assessee on 28.03.2016 is against the order of the CIT (A)-1, Hyderabad for the assessment year 2011-2012. 2. In this appeal, assessee raised two grounds and they are related to the addition of ₹ 14,79,100/-. The assessee is having income from salary and during the previous year relevant to the assessment year 2011-2012, the assessee filed the return of income admitting the total income of ₹ 1,64,850/-. During the assessment proceedings, A.O found that the assessee has made cash deposits of ₹ 31,93,100/- in his savings bank account, maintained with ICICI bank. The A.O asked the assessee to explain the source of deposits made in the bank account and the assessee produced the cash book explaining the sources of cash deposits. From the cash book produced by the assessee the AO found that a sum of ₹ 14,79,100/- was shown as opening balance as on 01/04/2010 for which the source required to be explained. The assessee explained the source was out of the sale of agricultural land situated at Athreya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present case. 9. The referred case is regarding Registration Act, 1908, the issue in this case was regarding whether evidence of receipt is enough in a transaction. Not particularly ref erred as in a legal sale of transaction." 4. Aggrieved by the order of the CIT(A), the assessee is in appeal before us. 5. Ld AR appearing for the assessee argued that as on 01-04-2010, there was a cash balance of ₹ 14,79,100/- as per the cash book maintained by the assessee. During the year, the assessee has sold the agricultural land for a sum of ₹ 12 lakhs admeasuring 1.02 acres situated in Athreyapurm in the year 2009-10 and the assessee has received the sale proceeds, which was given to his friends and relatives and subsequently collected the amounts and deposited into his savings bank account. Ld. AR produced an unregistered copy of agreement dated 08-08-2009, which was written on a plain paper, signed by Shri Ch.S.R.K. Raju but not signed by the purchaser. He further argued that the assessee has sold the said land and registered by two sale deeds. The first sale deed was registered on 10-06-2009 for a sum of ₹ 50,000/- and the land sold in Survey No. 166/11 was admeas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , making compulsory for any document exceeding the value of ₹ 100/-in case of immovable property transactions. Therefore, Ld. DR argued that the case law relied upon by the Ld. AR is not applicable in the assessee's case. The Ld. AR further argued that the contentions of the assessee that he has received the higher amount and registered the document for the lower amount, for reducing the stamp duties and other taxes for immovable property transactions of Government of Andhra Pradesh and claiming to get the benefit from the income tax by taking said amount as source, since the agricultural income does not attract the income tax amounts to substandard morality and double standard. Such, argument is not acceptable as held by the Hon'ble Supreme Court in the case of Coimbatore Spinning & Weaving Co. Ltd reported in 95 ITR 375. 7. We heard the rival submissions and perused the material placed on record. The assessee has sold the property situated at Athreyhapuram in Survey No. 166/11 admeasuring 0.25 for a sum of ₹ 50,000/- by sale deed dated 10-06-2009, which was registered in the O/o the Sub-Registrar, Athreyapuram. The document was signed by assessee and duly registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7, or this Act came or comes into force, namely:- (g) Agreement of sale of immovable property of he value of one hundred rupees and upwards]; ** [ inserted by A.P. amendment Act 4 of 1999 w.e.f .1-4-1999 rovided that the State Governemnt may, by order published in the Officeal Gazatte exempt from the operation of this sub-section any leases executed in any district, or part of a district, the terms granted by which do not exceed five years and the annual rent reserved by which do not exceed fifty rupees. {(1A) the documents containing contracts to transfer for consideration, any movable property for the purpose of section 53A of the Transfer of property Act, 1882 (4 of 1882) shall be registered if they have been executed on or after t he commencement of the Registration and the Related Laws (amendment Act, 2001 and if such documents are not registered on or after such commencement, then, they shall have no effect for the purposes of the said Section 53A} 8. In the instant case, the agreement produced by the assessee was not registered and hence, we are unable to accept the same as valid evidence. In this case, the assessee has received ₹ 2.04 lakhs towards sale of land a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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