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2019 (1) TMI 1553 - GUJARAT HIGH COURTBenefit of declaration made by the assessee under VDIS - credit of VDIS - unexplained investment in land - No nexus between the receipt of sale consideration from the purchase party and the payment thereof to the seller of the land - both Tribunal as well as the Commissioner (Appeals) have recorded concurrent findings of fact that the land was sold to the extent of 37,000 square yards and not 92,500 square yards as held by the Assessing Officer. - HELD THAT:- Though the search came to be carried out on 30.06.1996, the notice under section 158BD read with section 158BC of the Act came to be issued subsequent to the declaration having been filed under the VDIS 1997. This court is, therefore, in the agreement with the view adopted by the Tribunal and the Commissioner (Appeals) that once the certificate under section 68(2) of the Finance Act, 1997 under the VDIS Scheme had been issued by the Commissioner of Income Tax, it was not permissible for the Assessing Officer to go behind such certificate, but is required to accept the same. Thus, the assessee having included the amount of ₹ 38,50,000/- in the disclosure made under the VDIS 1997, he was rightly given the credit thereof. 50% of unexplained investment in land taxed in the hands of the assessee substantively being 50% of alleged unexplained investment in land - Commissioner (Appeals) has found that the source of payments made by the assessee was out of moneys received from Shri Bhagwanbhai K. Patel and Shri A. B. Patel discussed in the assessment order. The Commissioner (Appeals), therefore, was of the view that the observation of the Assessing Officer that the source was not explained or the nexus was not established cannot be accepted. Thus, the conclusions arrived at by the Tribunal are based upon concurrent findings recorded by it after appreciating the material on record. Nothing has been pointed out to this court to indicate that the Tribunal has placed reliance upon any irrelevant material or that any relevant material has been ignored, nor has the learned senior standing counsel for the appellant been able to dislodge the findings of fact arrived by the Tribunal after appreciating the material on record. In the absence of any perversity in the findings of fact recorded by the Tribunal, it is not possible to state that the same suffers from any legal infirmity so as to warrant interference. - Decided in favour of assessee.
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