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Earlier agreement for sale of land can draw inference for ‘concealment of sale consideration’
Case Law Details
- Case Name
- ACIT Vs V. V. Rajam (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Hyderabad
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ACIT Vs. V. V. Rajam (ITAT Hyderabad)
AO has observed that the assessee has purchased a land of 2 acres in survey No. 356/3E1/1 situated at Pragnyapur village, Gajwel Mandal, Medak District in his name for a consideration of ₹ 1.2 crore as well as purchased a house in Hyderabad in his wife’s name for a consideration of 80,00,000/-. This transaction itself has accepted by the assessee during the course of search proceedings at question & answer No. 15. Therefore, we are of the view that the AO has rightly made the addition for unaccounted cash. The assessee has submitte...
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