9911796707
TMI Blog2021 (8) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... late Authority did not appreciate these facts rather swept away with the facts that the assessee continued to make payment inspite of this dispute. On the strength of this point, it appears that the ld. First Appellate Authority has construed that sale transaction has taken place at a lower rate and, therefore, a deemed gift is to be assumed in the hands of the assessee. However, after going through the material on record including copies of revenue record entries we are satisfied that actually no transaction has been materialised for which it could be assumed that deemed gift is assessable in the hands of the assessee. In view of the above discussion, we allow this appeal and delete the addition done by the Assessing Officer with the aid o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee purchased a land vide registered deed No. 10360/2013 dated 22.07.2013. The ld. Assessing Officer further observed that for the purpose of stamp duty charges, the stamp duty valuation authority have determined the value at ₹ 2,43,31,200/-. Thus the learned Assessing Officer had confronted the assessee as to why the difference between the sale consideration shown by the assessee vis-a-vis the value determined by the stamp duty valuation authority should not be considered as deemed gift under section 56(2)(vii)(b)(ii) of the I.T. Act, 1961. It is also pertinent to note that the assessee has purchased this property jointly with one Shri Rajeshbhai Ranchodbhai Patel in equal shares. The assessee has filed reply contendin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1991, had earlier sold the said 10465 sq. mtr. land at Block No. 135(21) at Survey No. 165/Kudasan to one Shri Ramanbhai Mangaldas Patel. Thereafter on 04.12.2012, while giving effect to an Appellate Order related to a land at Block No. 258/Kudasan, the record of this Land at Survey No. 135 was wrongly mutated, instead of Survey No. 258, by the mistake of Circle Officer of the Revenue Department which resulted into the effect that the original sellers again became owners of the land in Revenue records. Shri Ramanbhai Mangaldas Patel had filed Civil Suit and the matter was subjected to judicial proceedings before the various Revenue Authorities. In the meantime, the assessee had purchased the land from the three ladies by executing the Sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue involved and nature and character of the claim, the Additional Evidences submitted by the assessee may kindly be admitted, if deemed fit. 8. The ld. Counsel for the assessee has placed all these documents on record in the Paper Book. A perusal of the above facts reveals that the land measuring 10465 sq. mtrs. was comprised at Blok No. 135(21) at survey No. 165/Kudasan. This land was originally sold to one Shri Ramanbhai Mangaldas Patel somewhere in 1991 and in the record an entry was recorded bearing No. 2135/28/6/91. It revealed that while entering mutation of the land, a dispute arose because this land actually bears Block No. 258/Kudasan whereas while sanctioning the mutation in the name of Ramanbhai Mangaldas Patel the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. With this background, the contention of the assessee is though initially it could be said that the land was purchased by the assessee but ultimately in reality this transaction never materialised rather to some extent it was a fraud upon the assessee. It is also not ascertainable whether any capital gain tax was levied in the hands of the vendor on the strength of section 50C of the I.T. Act. The learned First Appellate Authority did not appreciate these facts rather swept away with the facts that the assessee continued to make payment inspite of this dispute. On the strength of this point, it appears that the ld. First Appellate Authority has construed that sale transaction has taken place at a lower rate and, therefore, a deemed gift ..... X X X X Extracts X X X X X X X X Extracts X X X X
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