BIPIN BABU AGRAWAL,MATHURA vs. ASST./DY. CIT., CENTRAL CIRCLE, AGRA

This assessee’s appeal for assessment year 2014-15 arises against Commissioner of Income Tax (Appeals) Kanpur-4 [in short, the “CIT(A)”] order dated 28.06.2022, in case No. CIT(A)-IV/KNP/10199/2013-14, involving proceedings under Section143(3) r.w.s.153A of the Income Tax Act, 1961, [hereinafter referred to as ‘the Act’].

Heard both the parties at length. Case file perused.

Next comes the second issue between the parties qua correctness of addition of Rs.1.25 crores based on seized document/cancelled agreement dated 16.12.2013 and reproduced in assessment order at page 5 & 6 thereof. There would be hardly any dispute that contents of such seized documents indeed carry presumption of correctness thereof u/s 292C of the Act. We note that various stipulations in the instant seized document make it clear that the assessee had actual paid an amount of Rs.11 lacs and balance 1.24 crore had “to be paid” at the time of execution of the sale deed which has not been finalized in the relevant previous year. Faced with the situation, we are of the view that only the said actual amount paid of Rs.11 lacs deserves to be added in the assessee’s hands as per the foregoing statutory presumption and balance addition of Rs.1.24 has to be deleted. We accordingly conclude before parting that the impugned addition has been upheld to the extent of Rs. 11 lacs only. Necessary computation shall follow as per law.