9911796707
TMI Blog2022 (9) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO. We find that similar addition has been made in the hands of co-owner, Mr.C.R.Rajaram, and appeal filed by the co-owner, is pending before the Ld.CIT(A). When the very same issue is considered in the hands of the two assessees on the issue of difference between guideline value and consideration paid for purchase of property as per the provisions of Sec.50C of the Act, in our considered view, the appeals filed by both the assessees needs to be decided simultaneously, because, the decision taken in one case may have bearing on the other appeal filed by the co-owner. Since the appeal filed by the co-owner is pending before the CIT(A), we deem it appropriate to set aside this appeal filed by the assessee to the file of the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ri P. Kathiresan, for which Power of Attorney was executed as a security and later on the property could not be sold by Sri C. Ramaraj immediately and realize the loans given. In order to protect his interest Sri C. Ramaraj had executed the sale deeds in favour of his son, Sri C. R. Rajaram. On the advice of the legal counsel, in order to protect the future disputes and litigation, the Appellant's name also was included in the said Purchase Deed, as he is the best friend of Sri C.R. Rajaram. 5. The Appellant had explained the above facts and submitted the copies of receipts obtained from Sri P. Kathiresan by C. Ramaraj as well as the copy of the Power of Attorney. Further, the affidavit obtained from Sri C.Ramaraj and C.R.Rajaram w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot succeed. The Ld.CIT(A) for the reasons stated in his appellate order, sustained the additions made by the AO. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before us. 4. We have heard both the parties, perused the materials available on record and gone through orders of the authorities below. The facts borne out from the record are indicate that the assessee had purchased property along with co-owner, Mr.C.R.Rajaram, for a consideration of Rs.36 lakhs and the guideline value of the property as per the stamp duty authorities was at Rs.68,03,167/-. The AO has made addition u/s.56(2)(vii)(b)(ii) of the Act, towards difference between guideline value and consideration paid for purchase of property as unexplained inv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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