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TMI Blog2021 (8) TMI 277X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer to consider the documents filed by the assessee during the assessment proceeding alleging that the transaction were benami and the legal owner of the property was Sh. Sulakhan Ram.AO is directed to conduct the inquiry against Sh. Sulakhan Ram and find out the real nature of the transaction/s and to initiate the proceedings u/s. 148 or any other proceedings as he may deem appropriate for bringing out the correct nature of the transactions and levying the due tax, if any arose on account of transfer of property in the name of assessee at the first instance and thereafter transferring the property by the assessee in the name of Sh. Gurmeet Chahal, as alleged Benamidar of the Sulakhan Ram - Appeal of the assessee is allowed for statistical purposes. - I.T.A. No. 13/Asr/2019 - - - Dated:- 20-7-2021 - Laliet Kumar, Member (J) And Dr. M. L. Meena, Member (A) For the Appellant : Y.K. Sud, C.A. For the Respondents : Ratinder Kaur, D.R. ORDER Per Laliet Kumar, J M This appeal filed by the assessee is directed against the order dated 27.11.2018 passed by the Ld. Commissioner of Income Tax (Appeals)-2, Jalandhar in respect of A.Y. 2010-11. 2. The assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... salary of ₹ 12000/- would make a payment of ₹ 14750000/- to the alleged seller Sulkhan Ram. 5. It was further contended no payment was made by the assessee to the alleged seller Sulkhan Ram, in fact he had executed a Sworn Affidavit dated 27.07.2010 before Executive Magistrate Ludhiana and in clause 2 of the Affidavit he deposed before the Magistrate that the stamp paper of ₹ 1180000/- has been purchased by him and also in clause no. 3 of the Affidavit he has deposed again that no money transaction in respect of that sale deed has taken place and in clause 4 of the Affidavit he has stated that since he was living abroad, he executed the sale deed for the maintenance and supervision of the property. 6. It was further submitted that this property was sold by Didar Singh at the behest of Raunaki Ram to Gurmeet Chahal for ₹ 16225000/- vide sale deed dated 10.08.2010. If we look at that sale deed Mr. Sulkhan Ram who is son of Raunaki Ram is the witness which clearly proves that Mr. Raunaki Ram had the Benami interest in this property. Further Mr. Sulkhan Ram opened a Saving Bank account of Didar Singh in HSBC Bank Chandigarh and directly got the sale proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d upon the decision in the matter of 82 ITR 540 - CIT Vs Durga Parsad More, 214 ITR 801 - Sumati Dval Vs. CIT, 306 ITR 414 - Som Nath Maini Vs. CIT(A) 11. The Ld. AR had submitted that during the course of assessment proceedings, the assessee has submitted to the Assessing Officer that the assessee was merely a name lenders for the purchase of the property as is clear from the affidavit given by the seller namely Sh. Ram Lakhan S/o Sulakhan Ram before Executive Magistrate. It was further submitted by the Ld. AR that at the time of purchase of the land, no consideration was paid by the assessee which is also clear from the affidavit filed by Sh. Sulakhan Ram dated 27.07.2010. The Ld. AR had also drawn our attention to the copy of the sale deed dated wherein Sulakhan Ram S/o Rounki Ram has been shown as witness of the sale deed. It was further submitted that immediately after the receipt of the sale consideration for the same plot no. 2949-37 sq. Ft. Red Color Naksha, the entire sale consideration after except ₹ 1 lacs was transferred from the newly open bank account namely HSBC bank account of Sh. Sulakhan Ram. 12. On the basis of the above, it was submitted that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of Property Act. On the aspect, finding out the real nature of the transaction and infringement of the provisions of, Benami Property Act, the Ld. DR had submitted that she had no objection in remanding back the matter to the file of the assessing officer, as she was of the opinion that the tax is to recovered from the right person who was liable to pay the tax on the income under income Tax Act. 15. We have heard the rival contention, the parties and perused the material available on record. Undoubtedly the chain of events narrated before us clearly shows that the sale deed was executed by Sulakhan Ram on 12.08.2009 in Favour of the assessee for a consideration of ₹ 1,47,50,000/-. The said consideration of ₹ 1,47,50,000/- was allegedly received by Sulakhan Ram from the assessee in cash. 16. The said Sulakhan Ram had given an affidavit before the Executive Manager on 27.07.2010 wherein he had categorically mentioned that the land was transferred in favour of the assessee only for the purpose of taking care (Rakh Rakhav) and there was no exchange of consideration between the Sulakhan Ram and the assessee. 17. The sale deed was executed by the assessee in favo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsideration was received by the Sulakhan Singh as admitted by him in the affidavit dated 27.07.2010. AO is further directed to examine whether any action can be taken against Sh. Sulakhan Singh under the Benami Property Act for transferring the property in the name of the assessee and thereafter selling the property for valuable consideration and transferring the entire amount in his account at HSBC. V. We may clarify that there will not be any fatter for invocation of any of the provisions under the income tax Act or any other provision of any other law on account of delay in initiating the action on account of the limitation provided under the Act's for initiation of any of the proceedings referred herein above. VI. For the above said purposes, the Assessing Officer shall issue a notice to the assessee as well as to Sulakhan Singh and shall take the proceedings in accordance with law after hearing and granting the opportunity of hearing to both the parties and also permit them to file any other document which they may feel relevant for the adjudication of the issues before the assessing officer. VII. It is also brought to our notice by the Ld. AR for the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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