9911796707
TMI Blog2020 (11) TMI 598X X X X Extracts X X X X X X X X Extracts X X X X ..... ration of ₹ 20 lakhs was to be paid by assessee and the co-owner to the mortgagee for redeeming the mortgage agricultural land under consideration. The amount of ₹ 20 lakhs is paid to the mortgagee on 20.11.2012. Thus the assessee and the co-owner have paid ₹ 30 lakhs only in assessment year under appeal. The share of the assessee comes to ₹ 15 lakhs only and if the stamp charges are also added, it would make a total of ₹ 15,67,500/- which is below the amount of ₹ 18 lakhs accepted as source of income from agricultural activity by the A.O. for the purpose of making the above investment. Thus, there were no justification by the A.O. to make any addition against the assessee. In view of the above, we set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation is filed the amount of ₹ 25 lakhs + registration expenses will be treated as income earned from the source not disclosed to the Department. The assessee subsequently attended the proceedings before A.O. and filed written submissions and copy of Nakal Jamabandi in token of having agricultural land in the name of family members. It was stated that assessee is house wife and her husband is retired from Education Department and he owns 30 Killa 15 Marla of agricultural land and grow two crops per year which is sold by them in open market during each crop season. It was submitted that assessee family got sufficient agricultural land, out of which, property was purchased for ₹ 25 lakhs. The assessee was directed to pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een paid at ₹ 30 lakhs because the mortgage amount of ₹ 20 lakhs was to be paid later on for redeeming the mortgage agricultural land from the mortgagee. It is also mentioned in the sale deed that assessee along with other co-owner Smt. Ram Rati would liable to pay ₹ 20 lakhs on account of mortgage amount by 14.11.2012. It is also mentioned in the sale deed that the vendor has received ₹ 30 lakhs from the assessee and the co-owner. Learned Counsel for the Assessee also referred to receipt of the mortgagee in which it is mentioned that the mortgage amount of ₹ 20 lakhs have been received by the mortgagee on 20.11.2012. Learned Counsel for the Assessee, therefore, submitted that since all the facts are clearly me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd purchased by the assessee was for a consideration of ₹ 50 lakhs, however, at the time of execution of the sale deed, ₹ 30 lakhs was paid by assessee and other co-owner. The remaining consideration of ₹ 20 lakhs was to be paid by assessee and the co-owner to the mortgagee for redeeming the mortgage agricultural land under consideration. The amount of ₹ 20 lakhs is paid to the mortgagee on 20.11.2012. Thus the assessee and the co-owner have paid ₹ 30 lakhs only in assessment year under appeal. The share of the assessee comes to ₹ 15 lakhs only and if the stamp charges are also added, it would make a total of ₹ 15,67,500/- which is below the amount of ₹ 18 lakhs accepted as source of income fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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