The Tax PublishersITA No. 03/JP/2020
2020 TaxPub(DT) 5077 (Jp-Trib)INCOME TAX ACT, 1961
Section 144
Since registered sale deed carried evidentiary value which showed that the consideration paid to assessee for the sale of the land in question was only at Rs. 6,95,600 and AO had rightly completed the assessment at Rs. 13,79,400 after allowing credit of Rs. 6,95,600 being sale consideration of the said land as per sale deed out of the total bank deposits of Rs. 20.75 lacs, addition made by AO on account of unaccounted cash deposits in bank account was justified.
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Assessment - Best judgment assessment - Addition of unaccounted cash deposits through non-speaking order -
During the relevant assessment year, an aggregate cash deposit of Rs. 20.75 lacs was made by assessee. Assessee contended that since the piece of land in question was sold @ 9.90 lacs per Bigha as per agreement dated 4-3-2010 but on the instance of purchaser, the sale deed was executed at Rs. 6,95,600 only being the DLC rate, therefore, it was proved that the assessee had received entire amount of Rs. 23,26,500 from the sale of land in question and therefore, out of this amount, Rs. 19.50 lacs were deposited in the bank account on the very next day, i.e., 6-5-2010. On the basis of AIR information relating to the above cash deposits, AO completed the assessment under section 144 at an income of Rs. 13,79,400 after allowing credit of Rs. 6,95,600 being sale consideration of said land as per the sale deed out of total bank deposits of Rs. 20.75 lacs. Held: It is a well settled proposition of law that when a registered document has been placed on record, therefore, the presumption is to be drawn that registered document in the shape of registered sale deed dated 5-5-2010 carried evidentiary value which shows that the consideration paid to assessee for the sale of the land in question was only at Rs. 6,95,600 and AO had rightly completed the assessment at Rs. 13,79,400 after allowing credit of Rs. 6,95,600 being sale consideration of the said land as per sale deed out of the total bank deposits of Rs. 20.75 lacs. No new facts or circumstances had been brought on record by assessee in order to controvert or rebut the findings so recorded by the respective authorities, therefore, addition made was justified.
Distinguished:Pappu Ram Saran v. ITO ITA No. 1303/JP/2018, Order, dated 3-9-2020 : 2020 TaxPub(DT) 3608 (Jp-Trib).
REFERRED : CIT v. Smt. PK Noorjahan (1999) 237 ITR 570 (SC) : 1999 TaxPub(DT) 0080 (SC).
FAVOUR : Against the assessee
A.Y. : 2011-12
IN THE ITAT, JAIPUR BENCH
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