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2014 (2) TMI 655 - ITAT AMRITSARAdditions u/s 41 - Forfeiture of advance due to cancellation of agreement - CIT(A) Deletion the additions - Held that:- The CIT(A) and the AO in the remand report has relied upon a chart of stock-in-trade and the AO in the remand proceedings had made the assumptions that due to shortage of time, the evidence may not have been filed by the assessee and due to the shortage in the original assessment proceedings must have made assumption that the amount has not been returned but has been forfeited - The findings of the AO in the remand proceedings and consequently by the CIT(A) that the amount of Rs. 20 lacs have been returned and the additions have been deleted is perverse of the facts - if the amount has been returned the source of said Rs.20 lacs given as advance against the purchase of property at 749C GTB Nagar remains unexplained -The AO in the remand report as well as the CIT(A) has missed this aspect that ultimately there is shortage of Rs.20 lacs which has rightly been added to the income of the assessee by the AO - The CIT(A) is not justified in deleting the additions made by the AO – thus, the order of the CIT(A) set aside – Decided in favour of Revenue.
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