Law:

Section:

Section 69 of the Income-tax Act, 1961 read with sections 91 and 92 of the Evidence Act, 1872 - Unexplained investments - Assessment year 2003-04 - There was a sale deed executed by uncles of assessee in his favour whereby certain ancestral land was transferred to him - Sale deed reflected amount of sale consideration and was duly registered with registering authority - Assessee, however, claimed that, in fact, no consideration was paid on personal grounds, and sale consideration was mentioned in sale deed only for stamp duty purpose - Assessing Officer treated amount of sale consideration as unexplained investments and added same to income of assessee - Commissioner (Appeals) had upset order of Assessing Officer, but in second appeal, order of Assessing Officer was confirmed by Tribunal - Whether in view of settled principle that no oral evidence is admissible once documents contain all terms and conditions, sale consideration disclosed in sale deed in instant case was to be accepted and no oral evidence could have been adduced to contradict such sale consideration - Held, yes - Whether, thus, view taken by Assessing Officer as also confirmed by Tribunal was correct - Held, yes FACTS There was a sale deed executed by the assessee's uncles in his favour whereby certain ancestral land was transferred to the assessee. Said sale deed reflected payment of sale consideration which was accepted by the registration authority for the purpose of stamp duty. The assessee, how-ever claimed that his uncles had executed sale deed without any consid-eration and the value of the land mentioned in the sale deed was only the reserve price fixed by the Government for charging stamp duty. The Assessing Officer, however, held that the sale consideration reflected in the sale deed was to be added to the income of the assessee as unexplained investment. On appeal to the Commissioner (Appeals), the assessee filed affidavits by the vendors wherein they stated that no sale consideration had passed hands and they had relinquished their share in the landed property; and that the object of executing sale deed was only to handover landed property to the assessee as they were well-settled…

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