9911796707
TMI Blog2020 (4) TMI 556X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2010, the agreement dated 31.12.2010 appears to be an afterthought hence, rejected. On perusal of the sale deed, there was no mention with regard to shares of the parties - lower authorities rightly assessed 50% of the share of the property in the hands of the assessee. Accordingly, appeal of the assessee on this ground is dismissed. Taxing share of 50% u/s 69B - From the perusal of the sale deed, the assessee has made the investment to the extent of ₹ 26.59 lakhs jointly along with other co- owners in the F.Y.2013-14 for which the assessee could not explain the source. Therefore, we hold that the sum of ₹ 13,29,500/- (being 50% of 26.59 lakhs) required to be brought to tax and the remaining amount should be deleted - Set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11,858 sq.yds of land for a consideration of ₹ 45,50,000/- along with Sri Velagapudi Vasudeva Rao on 15.06.2012 vide document No.9571/2012 on 15th June 2012. During the assessment proceedings, the AO called for the details, but the assessee failed to furnish the details. Therefore, the AO treated the assessee as co-owner for 50% share of the property and accordingly taxed 50% of the sale consideration along with stamp duty of ₹ 24,77,367/- as unexplained sources u/s 69B of the Act. 3. Against which the assessee filed appeal before the CIT(A) and argued that he had only the interest of 10% in the said property, thus requested to consider his share at 10% instead of 50% assessed by the AO. However, no evidence was brought on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essed 50% of the share of the property in the hands of the assessee. Accordingly, appeal of the assessee on this ground is dismissed. 5. The next ground is related to the taxing share of 50% u/s 69B of the Act. During the appeal proceedings, the Ld.AR submitted that as per the sale deed dated 15.06.2012, the payments were made for acquiring the land as under : 31.12.2010 15,00,000 08.04.2011 10,00,000 24.09.2012 5,00,000 18.02.2012 10,00,000 15.06.2012 5,50,000 Total ₹ 45,50,000 5.1. The Ld.AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50,000/- stamp duty of ₹ 21.09 lakhs was also incurred in the relevant A.Y.2013-14. Therefore, 50% of the consideration paid during the impugned assessment year amounting to ₹ 13.295 lakhs required to be brought to tax in the A.Y.2013-14 as per section 69B of the Act. As per section 69B, where in any financial year, the assessee is found to be the owner of any money, bullion, jewellery or other valuable articles or the investment made recorded in the books of accounts but offers no explanation, required to be taxed. From the perusal of the sale deed, the assessee has made the investment to the extent of ₹ 26.59 lakhs jointly along with other co- owners in the F.Y.2013-14 for which the assessee could not explain the source. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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