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10. We have considered the rival submissions as well as relevant material on record. There is no dispute that the ITA.No.1271/Hyd./2025 assessee has sold the land in question vide two separate sale deeds dated 17.07.2020 for a consideration of Rs.25 lakhs. The stamp duty authority at the time of registration of the sale deed has determined the fair market value of the land at Rs.98,69,000/-. The assessee has not declared any income on account of transfer of the land in question in the return of income filed on 07.01.2022. The Assessing Officer noted from the statement of specified financial transactions u/sec.285BA(1) of the Act reported by the Sub-Registrar, Srikalahasthi, Chittoor District, State of Andhra Pradesh that the assessee has sold non-agricultural land situated in Srikalahasthi, Chittoor vide Sale Deed dated 17.07.2020 having stamp duty value of the two immovable properties of Rs.35,24,000/- and Rs.63,45,000/-, respectively, total amounting to Rs.98,69,000/-. Accordingly, notice u/sec.142(1) of the Act dated 17.10.2022 was issued to the assessee for furnishing the details in respect of the sale deed of the immovable property. The reply of the assessee is reproduced by the Assessing Officer in Page nos.12 and 13 of the assessment order as under: