9911796707
TMI Blog2022 (7) TMI 687X X X X Extracts X X X X X X X X Extracts X X X X ..... found in the agreement of sale dated 06/11/2015. Apart from the fact that the sale consideration under these four sale deeds was Rs. 23.77 lakhs, even such amount was also received in the financial year relevant for the assessment year 2017-18. The findings of the Ld. CIT(A) that the assessee bought various properties during the year and the property was bought on 30/06/2015 which was earlier to the agreement of sale, wherein the credit issue of Rs. 43 lakhs was to be considered, goes unchallenged and unimpeached. We are of the considered opinion that the alleged agreement of sale dated 06/11/2015 is not at all helpful in proving the case of the assessee and there is no evidence to show that the assessee received the entire sale cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /-. During the course of survey operations documents/books of account/loose papers were found and impounded. 3. During the course of assessment, learned Assessing Officer found in the personal account filed along with the return of income, an amount of Rs. 43 lakhs towards the sale consideration of agricultural land. However, in the computation of income the assessee did not offer any capital gains income nor did he file any supporting documentary evidence for sale of agricultural lands. Assessee submitted that such an amount of Rs. 43 lakhs was received as sale consideration of agricultural land which is an agricultural land and beyond the specified limits from the municipal limits and therefore, the asset transferred was not a capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the sum of Rs. 43 lakhs shown in the personal account of the assessee has to be added to his income by treating the same as income from other sources. 5. In the appeal preferred by the assessee, Ld. CIT(A) considered this issue at length and on verification of documents more particularly the agreement, between the father of the assessee and the purchase of the property, recorded that though the agreement was entered into on 6/11/2015, the sale deeds were executed on 22/06/2016 on which date a sum of Rs. 23,77,000/- was received in cash. It is, therefore, clear that, according to the Ld. CIT(A) the consideration for such lands was reduced from Rs. 43 lakhs to Rs. 23.77 lakhs as is evidenced by the sale deeds. On this premise Ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit to be found in the personal account filed along with the return of income. He submitted that, as rightly observed by the Ld. CIT(A), pursuant to this agreement 06/11/2015 four sale deeds were found to have been executed on 22/06/2016, under which the total sale consideration was Rs. 23,77,000/- and that too such sale consideration was received by the assessee during the financial year relevant for the assessment year 2017-18 and cannot be used to explain the source of credit in question. Ld. DR further submitted that the Ld. CIT(A) found that the assessee bought various properties during the year and the properties worth Rs. 62,78,760/- were bought on 30/06/2015 that is the date before 06/11/2015, wherein the credit issue of Rs. 43 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion was to be received by the father of the assessee on the dates on which the respective properties were registered on the name of the vendees. At this juncture, the observations of the Ld. CIT(A) that the property was sold on 22/06/2016 under four registered sale deeds and the total sale consideration received under these four sale deeds was Rs. 23.77 lakhs. 10. On the face of this observation of the Ld. CIT(A), there is no evidence that is forthcoming on behalf of the assessee to show that, as a matter of fact the payments were made under this agreement dated 06/11/2015, on the date so mentioned therein and the sale deeds were accordingly registered on the name of the vendees. There is also no denial of the fact that, as a matter of f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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