Ashok Gupta HUF Vs DCIT (ITAT Jaipur)
ITAT Jaipur held that without considering the merits of the dispute and without verifying the veracity of the documents, the documents signed by third party cannot be directly held to be colorable devise. Accordingly, matter remanded to AO for due verification.
Facts- As observed by AO, the fact is that the seized paper is an affidavit signed by Shri Ashok Gupta being Karta of Ashok Gupta HUF on 05.07.2017 as per which the assessee has agreed to sale the land under consideration of Rs. 87,50,000/- out of which amount of Rs. 20,01,000/-was through cheque on 06.07.2017. It is further mentioned in the affidavit that the remaining amount of Rs. 67,49,000/- will be received at the time of execution of registry of the land. It is also mentioned that if the party no. 2 fails to get registered the document upto 27.12.2017 then the amount so received in advance shall be treated as forfeited.
As observed by AO, the registered deed had not been executed by then and thus the amount received on account of advance of Rs. 20,01,000/- had not been given back by the assessee to party no. 2 as admitted by the assessee itself. Therefore, AO was of the opinion that in view of the provisions of section 56(2)(ix) of the Act, the amount of Rs. 20,01,000/- held as income of the assessee for the year under consideration.
