9911796707
TMI Blog2024 (8) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... - Assessee appeal allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... paid by Darshan Kumar HUF and that copy of the agreement has been placed at Paper Book pages 1 & 2 and English translation is at page 2-A. That agreement was further renewed and copy of that has been placed at paper book pages 3 to 9 and English Translation is at pages 9A & 9B. iv). In both the agreements, it has clearly been mentioned that it is Darshan Kumar in his HUF Capacity entered into an agreement under the name of Shri Sai Properties, which has also been mentioned in both the agreements. v). The main features of the agreement was that a deal was struck for purchase of land @ Rs. 70,30,000/- per acre and the total area of the land is 9.34 acres ( 450 Bigas) and at the time of entering into agreement, the payment of Rs. 1,15,00,000/- was made by two co- owners Sh. Darshan Kumar HUF and Mr. Harish Kumar and for the share of the assessee in respect of advance money paid, the addition was made in the hands of Darshan Kumar HUF to the tune of Rs. 43 lacs & Rs. 72 lacs in the hands of Sh. Harish Kumar. This fact has not been disputed in the case of Sh. Darshan Kumar HUF and, though, the addition was made in the hands of HUF and the assessee has gone to Vivad Se Vishwas schem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso the same for which the additions have been made in the hands of the HUF for A.Y. 2006-07. (e) In column No. 10(a) [PB- 19] area of land has been mentioned as "45 Bigha = 9.34 Acers" which corresponds to the agreement as entered by the HUF and Harish Kumar which has been considered in the HUF. (ii) The AO has made the addition of Rs. 1,31,25,000/- being the ½ share of the assessee [in individual status] of Rs. 2,62,50,000/- mentioned in column No. 9(b) of the valuation report for which the findings of the AO are on page 28 of the assessment order and the findings of the CIT(A) is in para 6 on page 8 of the appellate order in which the contentions of the assessee has been rejected and the appeal on this issue has been dismissed. (iii) That both the Ld. Assessing Officer & CIT(A) has ignored the fact that the particulars of the property, name of the seller, Area of property for which the valuation report has been prepared tallies with the particulars as mentioned in the Agreement and its renewal which has been placed on page 1 to 9B of the paper book and for which the addition for advance paid has already been made in the hands of Sh. Darshan Kumar HUF and Harish Garg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han Kumar Garg and Harish Kumar and location of the land is same. 6. Further, the CIT(A) in the appeal of Sh. Darshan Kumar Garg for Asstt. Year 2006-07, has also deleted the payment of advance money in respect of purchase of same property, the finding of the CIT(A) is contrary as given by him in appeal of the department for Asstt. Year 2006-07 in ITA No. 239/Asr/2016 and C.O. No. 26/Asr/2017. 7. The Assessing Officer, CIT(A) has failed to bring on record any corroborated evidence that the assessee had invested in any other property, beside the property of 9.34 acres purchased from Smt. Surjit Kaur and, thus, we have no hesitation in holding that the addition of Rs. 1,31,25,000/- as confirmed by the CIT(A) is ordered to be deleted. 8. With regard to Ground No.4, it is submitted that the CIT(A) has confirmed the addition of Rs. 7 lacs as per para 7 of the order and the Assessing Officer has discussed this issue at page 28 & 29 of his order. The Ld. Counsel of the assessee argued that this addition of Rs. 7 lacs was not maintainable and for which, in his brief synopsis, he has given the following submissions:- Submissions regarding addition of Rs. 7,00,000/- The documents rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Kumar HUF for AY 2006-07. (g) The CIT(A) has also rejected the contentions of the assessee while accepting the wrong factual findings of the AO and has dismissed the appeal. In view of the above stated facts, the appeal of the assessee may kindly be decided and the addition made by the AO and confirmed by the CIT(A) may kindly be deleted.' 9. The Ld. Counsel of the assessee have brought to our notice by way of above submissions, read with different pages of 'Paper Book' that no addition was required to be made and ld. Counsel have also been able to demonstrate that the name of the seller and description of the property tallies with the legal notice as per page 67 & 68 of the Paper Book. Even, a summary has been given in the Brief Synopsis, in which, it has been clarified that the deal was for Rs. 14 lacs per acre as stated in the agreement and on the basis of which, the addition has already been made of Rs. 20 lacs in the hands of Darshan Kumar HUF for Asstt. Year 2006-07, for which, the copy has been placed at pages 23 to 38 of the Paper Book and the relevant page is 37 and, thus, since that addition has already been considered and made in the hands of Darshan Kumar HUF, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
