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TMI Blog2023 (3) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... der passed u/s 153A/143(3) of the Act date of order 31.12.2013. The revenue has taken the following grounds: "1. Whether on the facts and circumstances of the case the decision of Ld. CIT (A) is correct in deleting the addition of Rs. 3,40,00,000/-made on account of unexplained investment in the purchase of property. 2. Whether on the facts and circumstances of the case the decision of Ld. CIT (A) is correct in ignoring the documentary evidence found at the time of search. 3. Whether on the facts and circumstances of the case the decision of Ld. CIT (A) is correct in relying upon the self seeking additional evidence produced by the assessee to controvert the documentary evidence found at the time of search. 4. In view of detailed f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a total sum of Rs. 3.19 crores for which an advance of Rs.32 lacs had also been paid by M/s Shivam Estates. The ld. AO on the basis of this agreement to sell concluded that assessee had paid unaccounted purchase consideration of Rs.2.06 crores. Further the ld. AO has referred to seized document No.DNB-I/A-3/page 29-34 dated 01.05.2006 for purchase of 16 Kanal 1 Marlas by the aassessee for a total sum of Rs.1.84 crore for which an advance of Rs.26.90 lacs had also been paid. The ld. AO on this basis concluded that assessee had paid unaccounted purchase consideration of Rs.1.34 crores. The ld. AO confronted the said documents to the assessee in response to which explanation was submitted by the assessee wherein it was contended that original ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ucial clauses, the same were cancelled leading to refund of the amount advanced to the extent of Rs.33 lacs. The Assessing Officer instead of examining the appellant's contention in this regard which was evidence by the cancellation of agreement itself in the same Financial year proceeded to merely rely upon the other terms of said agreement to sell and presumed the sale consideration at Rs.1.42 crore per acre. The said agreement to sell at clause 'h' recorded the following: "That the property agreed to be sold is situated in the vicinity of Raja Sansi Airport and there are certain restrictions with regard to raising of construction in the land agreed to be sold. The first party shall seek permission from the Airport authoriti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r renegotiation of the impugned land at much lesser rate as compared to the rate recorded in the agreement to sell with M/s Shivam Estate. 4. The ld. Sr. DR vehemently argued and fully relied on the order of the ld. AO. The relevant paragraphs 3 to 5 of the AO's order are extracted as below:- "03. As per seized documents No. DNB-I/A-3/page 35-40 found at the above office an agreement dated 01.05.2006 for the purchase of 18 kanals of land was made by M/s. Shivam Estates for a total sum of Rs. 3.19 Crores @ Rs. 1.42 crore per acre and an advance of Rs. 32 lacs was also paid which has been adjusted against the total sale price of the property registered in the name of the assessee. Thus it is apparent that the property has been purchased by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mritsar on 23.11.2006 for an amount of Rs.1,13,00,000/- and another piece of land measuring 16 kanal 1 marla at Amritsar on 05.12.2006 a sum of Rs. 50 lacs. The grievance of the ld. AO was that the value was reduced during registration of the property. There is a huge difference in between agreement to sale and the registration of the property. The difference amount was taken as unexplained investment and added back the amount u/s 69 amount of Rs.3,40,00,000/-. After the agreement the dispute is occurred in acquisition of land and accordingly further bargain was taken place. The affidavit was filed in evidence for reduction of the value of the property and both the affidavits are annexed in APB pages 18 to 25. The relevant paragraph of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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