- (1.) We have heard Shri Dhananjay Awasthi, learned counsel for the income tax department. The affidavit of service of the assessee has been filed but no one appears for the respondent assessee.
(2.) This income tax appeal under Section 260A of the Income Tax Act, 1961 arises out of order dated 8.3.2013 passed by the Income Tax appellate Tribunal, Delhi Bench 'C' New Delhi in ITA No.1657/Del/2012 for the assessment year 2008-09. The department has preferred this appeal on the substantial questions of law framed in the memo of appeal as follows:- "(1) Whether on the facts and circumstances of the case the ITAT was justified in deleting the addition by holding that it is prevalent practice in the land transaction not to show full consideration and ignoring all the concrete findings of the lower authorities. (2) Whether on the facts and circumstances of the case the ITAT was justified in ignoring the provisions of Section 68 when such interpretation by the ITAT would result in serious curtailment of powers of Section 68. (3) Whether on the facts and circumstances of the case the ITAT was justified in deleting the addition of Rs.77,80,000/- without appreciating that the assessee himself declared the sale consideration of Rs.22,20,000/- as per the registered deed and there was no evidence on record that the purchase had given total consideration of Rs.1,20,00,000/-. (4) Whether on the facts and circumstances of the case, the ITAT was justified in not testing the case of the assessee on the anvil of the provisions of Section 68. (5) Whether on the facts and circumstances of the case, the ITAT was justified in deleting the addition of Rs.77,80,000/- without appreciating that the assessee had grossly failed to discharge its onus to prove the source of cash deposit in its banks account."
(3.) The assessee voluntarily filed return on 17.10.2008 disclosing total income of Rs.64,188/- and agricultural income of Rs.1,25,000/-. On receipt of certain information that the assessee had deposited an amount of Rs.1,08,32,752/- in bank account no.4621 with Syndicate Bank, Village Dehra, Tehsil Hapur, enquiries were made and statements of the assessee and purchasers were recorded. The assessee stated that he had sold agricultural land measuring 30 kachcha bigha situate in Village Gordhanpur, Tehsil Hapur, Distt. Ghaziabad for a sum of Rs.1,20,00,000/- on 12.11.2007 to Shri Yameen and Shri Raisuddin. Both the purchasers denied in their statements to have purchased the land for a consideration of Rs.1,20,00,000/- from the assessee. They stated that they had purchased the land only for Rs.22 lacs. The sale deed was executed on the sale value of Rs.22 lacs, whereas the assessee Shri Intjar Ali claimed that he had sold his land for Rs.1,20,00,000/-. Surplus amount of Rs.97,80,000/- over sale deed value was suspected to be income from undisclosed sources and case was selected for scrutiny on which notice under Section 143 (2) of the Act was issued on 18.9.2009.;