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TMI Blog2014 (11) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is for the purpose of stamp duty and registration and as there was urgency, they could not have obtained said amount by way of cheque or demand draft or as otherwise the investment they have made in getting lapsed allotment revived would have been in jeopardize. The authorities were not justified in ignoring these admitted facts on record and merely because there is a gap of more than 15 days between the date of revival and date of registration, their understanding that the assessee would have arranged funds by way of Cheques/demand drafts is unacceptable. As on 14th allotment was revived, 15 th they were informed, 16 th was a Saturday, 17 th was a Sunday and 18th they had to make the payment, they have made the payment. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y after considering the facts of the case was of the specific view that the cash loan of ₹ 2.8 lakhs received from one Sri.B.H.Deshpande on 22.07.2003 is reasonably explained on account of urgency on the ground that the assessee trust had entered into an agreement with Babusar Narayan Trust on 21.07.2003 to make a payment to KHB for revival of allotment of site and such payment was made to KHB on 23.07.2003 on behalf of Babusar Narayan Trust. He was of the opinion that the amount to an extent of 2.08 Lakhs was reasonably explained and cancelled the penalty to that extent. However, he confirmed the penalty in respect of 8.08 lakshs. On the ground that the assessee trust had ample time to raise money by way of cheques/DDs as it can be s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, the allotment which had been cancelled was revived on 14.08.2003. Subsequently on the next day, the assessee was requested to pay the amount needed for meeting the cost of registration and stamp duty urgently. 16th was Saturday and 17th was Sunday. On 18th the assessee borrowed money in cash and deposited the money in the bank account as is clear from the pass book entry. After depositing the amount he has taken the DDs and given to the KHB. It is to be remembered when a statutory authority is executing a sale deed the purchaser has to pay or deposit the stamp duty to the authority. Thereafter they prepare a draft sale deed. It has to be approved by the concerned authorities. It is only on execution of the sale deed the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmediately and they have also arranged for registration of sale deed in the name of the allottee. 8. In the circumstances, we are satisfied even the amount of ₹ 8.08. lakhs raised by the asessee is for the purpose of stamp duty and registration and as there was urgency, they could not have obtained said amount by way of cheque or demand draft or as otherwise the investment they have made in getting lapsed allotment revived would have been in jeopardize. The authorities were not justified in ignoring these admitted facts on record and merely because there is a gap of more than 15 days between the date of revival and date of registration, their understanding that the assessee would have arranged funds by way of Cheques/demand ..... X X X X Extracts X X X X X X X X Extracts X X X X
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