By Jagdish D. Shah
Jagdish T. Punjabi
Chartered Accountants
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26 ITO v Smt. Kusum Gilani
ITAT Delhi `D’ Bench
Before A. D. Jain (JM) and K. G. Bansal (AM)
ITA No. 1576/Del/2008
Assessment Year: 2004-05. Decided on : 11th December, 2009.
Counsel for revenue / assessee: B. K. Gupta / Kapil Goel
S 50C and 69B– Provisions of S. 50C do not apply to the
purchaser of property. S 69B requires collection of independent evidence to show
that any undisclosed investment was made by the assessee in purchase of property
failing which the buyer could not be saddled with the liability on account of
undisclosed investment.
Per K. G. Bansal:
Facts:
While assessing the total income of the assessee, the
Assessing Officer made an addition of Rs 9,49,400 on account of investment made
by the assessee in the purchase of property. The amount of addition represented
the difference between the value of the property as determined by the stamp
valuation authorities and the purchase consideration paid by the assessee.
Aggrieved, the assessee preferred an appeal to the CIT(A),
who deleted the addition.
Aggrieved by the order of CIT(A) the Revenue preferred an
appeal to the Tribunal where it was contended that the addition was made u/s 69B
though the assessment order did not mention the section. The Revenue also
contended that the tribunal direct the AO to make a reference to the valuation
officer u/s 142A for determining the value of investment in the property during
the year.
Held:
The Tribunal following the order in the case of Smt. Chandni
Bhuchar held that, in the case of the purchaser of the property, –
(i) the provisions of S. 50C do not apply,
(ii) the AO ought to
collect evidence indicating that the assessee paid money over and above the
amount disclosed in the purchase deed.
The Tribunal noted that there was no such evidence on record.
Following the order in the case of Smt. Chandni Bhuchar, it
also held that it cannot issue directions to the Revenue in second appeal to
make a reference to the Valuation Officer.
The
Tribunal dismissed the appeal filed by the Revenue.
Cases referred to:
1 Smt. Suman Kapoor ITA No. 2193 (Del)/ 2009 dated
05.08.2009
2 Smt. Chandni Bhuchar ITA No. 1580 (Del)/2008 dated
27.02.2009
3 Shri Sharad Gilani (ITA No. 1577/ Del/ 2009dated
15.04.2009
