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2011 (11) TMI 508 - AT - Income TaxUnexplained Investments - sale of agricultural land - Held that:- It is the case of the assessee that he has received a sum of Rs. 8.00 lakhs, being the amounting actually paid by the buyer on transfer of land by the assessee to him. There is no material on record to hold that the buyer of the agricultural land has paid anything over and above Rs. 8.00 lakhs. Since there is no evidence on record that the buyer has paid anything over and above Rs. 8.00 lakhs, being the amount stated in the conveyance deed to have actually been paid by the buyer to the assessee on transfer of agricultural land, it is not possible to hold that the assessee has received a sum of Rs. 38.00 lakhs from the buyer. The legal fiction created by section 50C is limited to the purposes of section 48 alone. It cannot be extended further to mean that the consideration deemed to be so received u/s 50C was actually available in cash with the assessee for making investments or meeting expenses. Further, no material has been placed to establish that assessee has actually received any amount over and above Rs. 8 lakhs. Thus, assessee cannot be said to have satisfactorily explained the nature and source of the investment and expenses - Decided against the assessee. Dis-allowance on failure to explain bank entries - Held That:- The AO has estimated the income from commission on account of property dealing at Rs. 3.00 lakhs as against Rs. 1.50 lakhs shown by the assessee. The AO has given no reason for estimating the income from commission at Rs. 1.50 lakhs. CIT(A) has also given no reason for confirming the same. Therefore the addition made by the AO and confirmed by the CIT(A) is deleted - Decided in favor of assessee.
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