Assessee sold a property and derived long-term capital gain . During search, diary of a third party was seized from residence of assessee .\u00a0 This diary had notings which showed an amount of Rs. 1.15 crores as sale consideration . Assessing Officer held that in registered sale deed, total consideration was shown at Rs. 29.50 lakhs .\u00a0 By making presumption as per section 292C, he considered sale consideration shown in diary as actual consideration and made additions accordingly.\u00a0 Order of Assessing officer\u00a0 was affirmed by CIT (A) . On appeal the Tribunal held that there was nothing on record to suggest that assessee had underestimated value of property and violated circle rate as prescribed by government .\u00a0 Even diary admittedly did not belong to assessee and noting of same were also not in handwriting of assessee.\u00a0 Furthermore, entry recorded in diary qua amount of sale was not confirmed from buyers of property . Since Assessing Officer had drawn presumptions only on basis of\u00a0 notings of diary without making independent exercise; and entry found in diary was without any corroborative evidence and had no authenticity, no additions could be made.\u00a0 (AY. 2009 -10 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money \u2013 Search and seizure – Noting in diary of third party \u2013 Seized in the course of search – Without any corroborative evidence and had no authenticity, no additions could be made .[ S. 132 (4A) , 292C ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19698","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-57I","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19698"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19698\/revisions"}],"predecessor-version":[{"id":19699,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19698\/revisions\/19699"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}