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Income Tax Appellate Tribunal, DELHI BENCH “G”: NEW DELHI
Before: SHRI C.M.GARG & SHRI PRASHANT MAHARISHI
O R D E R PER PRASHANT MAHARISHI, A. M.
This is an appeal filed by the revenue against the order of the ld CIT(A)-XI, New Delhi dated 23.12.2013 for the Assessment Year 2004-05, wherein an addition of Rs. 4922700/- was deleted pertaining to unexplained investment u/s 69C of the Income Tax Act, 1961.
The brief facts of the case is that the assessee is a company who filed its return of income on 19.10.2004 for Rs. 36560010/-. The assessment u/s 143(3) was made on 20.12.2006 at Rs. 41624322/-. On appeal before the higher forum the above sum of Rs. 4922700/- was set aside by the coordinate bench to the file of the ld AO with a direction to examine the matter after conducting enquiries from the parties who have sold property to the assessee as to whether the lands were sold by them at the lower price then the value stated in sale deed for the purpose of stamp duty. Consequently the ld AO made an assessment holding that the market value of the land is higher and stamp duty has been paid on the higher value which proves that the rate of land on the relevant period are higher. Consequently he computed the addition of Rs. 4922700/-. The ld CIT(A) deleted the addition.
We have carefully considered the rival contentions and also perused the relevant orders of the lower authorities as well as the direction given by the coordinate bench.