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2008 (6) TMI 548 - HC - Income TaxWhether in the facts and circumstances of the case, the Tribunal was right in deleting the addition made by the assessing officer on the income of the 3 flat complexes promoted by the assessee? Held that:- Both the authorities have given concurrent finding that additions were made only by comparing with the project of M/s Alacrity Housing Limited and that assessment could not be made on surmises and conjectures. The findings given by both the authorities are that the revenue did not prove that the assessee has collected on money on the sale of flats and also there is no proof that the assessee had made unaccounted investments or credits etc. Therefore, it is clear that the concurrent findings are based on valid material and evidence. It is a question of fact and not a perverse order. The learned counsel appearing for the revenue is also unable to produce any material evidence to take a contrary view. Hence, no error or infirmity in the order of the Tribunal warranting interference. Appeal dismissed.
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