Case Law Details
Brief Facts
1. The assessee has filed return of income declaring income of Rs. 74,850/- The return was processed under section 143(1)of the Act. Subsequently, AO received some information from Joint Sub-Registrar, based on that information notice under sect ion 148 of the Act was issued on 12.12.2008. Information was as under:
”As per information received from the Joint-Registrar, Ambala Cantt. Rs. 15,00,000/- + Registration charges of Rs.l.50 lac on 01.7.2005. in the return of income filed on 20.11.2006 declaring taxable income of Rs. 74,850/-, the transaction of Rs. 5,00,000/- made for purchases of land is not verifiable from return filed by the assessee” I have, therefore, reason to believe that income to the tune of Rs.15,00,000/- (Rs. fifteen lac only) has escaped assessment. “
2. The assessee has purchased land for a consideration of assessee has purchased land for Rs 15 lacs and has also incurred registration fees of Rs 1.50 Lacs”.
3. Assessee in response to query raised by AO, submitted that the total investment of Rs.16.50 lacs was made out of money received from (a) his father Rs 7 lacs (Rs.5 lacs out of terminal benefit and Rs 2 lacs out of agriculture income received out of joint family property) (b) from his uncles Rs 10 lacs (Rs 5 lacs each from two uncle) out of agriculture income of his uncle
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