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2015 (2) TMI 496 - ITAT AHMEDABADUnaccounted investment in land - assessee has not placed any material on record suggesting that the original-deed was cancelled - Held that:- The undisputed facts remains that the assessee has placed on record a modification deed, wherein certain changes have been made in respect of the title of the land. The contention of the assessee is that due to defective title, earlier deed was cancelled and the land was purchased on the fresh terms and conditions. We find that the authorities below have not examined the sellers of the land whether there was any change into the terms and conditions. In the absence of the same, the AO was not justified in making the addition. The assessee has also failed to substantiate its claim that the development expenditure were required to be borne by the owners of the land since we do not find any such terms in the original agreement to sell. Therefore, in our considered view, it would subserve the interest of justice if this issue is restored back to the file of the AO for deciding it afresh. - AO would verify the claim of the assessee that in earlier agreement to sell the seller of the land was required to give developed land to the assessee and in modified terms, it is upon the assessee who would incur the expenditure - Decided in favour of assessee for statistical purposes.
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