[2012] 17 taxmann.com 210 (Karnataka)
HIGH COURT OF KARNATAKA
Savitha S. Pai
v.
Income-tax Officer, Ward-2(1)*
N. KUMAR AND RAVI MALIMATH, JJ.
IT APPEAL NO. 223 OF 2010†
OCTOBER 24, 2011
Section 143 of the Income-tax Act, 1961 - Assessment - Additions to income - Assessee entered into an agreement to sell a property for a consideration of Rs. 58.50 lakhs - However, consideration mentioned in sale deed was Rs. 27 lakhs - Difference of Rs. 31.50 lakhs was added in a scrutiny assessment and tax was levied - On appeal, Commissioner and Tribunal upheld additions - Whether when once there was an agreement of sale which gave correct valuation to which assessee was a party and said valuation was approved by an approved valuer, nothing more was required to come to conclusion that consideration for sale was Rs. 58.50 lakhs - Held, yes - Whether, therefore, impugned addition made by authorities below was to be upheld - Held, yes [In favour of revenue]
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