Earlier agreement for sale of land can draw inference for ‘concealment of sale consideration’

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 submitted before the CIT(...