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| The Tax Publishers2020 TaxPub(DT) 0249 (Sur-Trib) INCOME TAX ACT, 1961
Section 69
Where AO made addition on account of unaccounted investment in land, considering the fact that buyer specifically and in clear words admitted in cross examination that sale consideration received by him was 'as per sale deed executed' and no “on money” was mentioned, addition was deleted.
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Income from undisclosed sources - Addition under section 69 - Unaccounted investment in land - Buyer denied receiving consideration in excess of value mentioned in deed
Assessee challenged order of CIT(A) confirming action of AO in making additions of Rs. 25,52,780 on account of unaccounted investment in land. Held: When once witness (seller of land) in his categorical examination in respect of consideration received by him, clearly stated that he received consideration in respect of land sold to assessee as per sale deed executed by him, therefore, there was no doubt left for revenue to discard the said statement made during cross examination. Revenue misinterpreted, misconstated statement wherein seller nowhere mentioned specific amount of 'on money' received from assessee. On contrary he specifically and in clear words admitted in cross examination that sale consideration received by him was 'as per sale deed executed'. Therefore, addition was deleted.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2006-07
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