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2019 (9) TMI 1180 - ITAT AHMEDABADAddition u/s 68 on account of alleged bogus premium - addition on the basis of the statement made by the director - HELD THAT:- The entire action of the authorities below speaks total non-application of mind, lack of inquiry and colourable exercise of power, excessive highhandedness as also close mindedness resulting into addition merely on the basis of the statement made by the director of Ankush Finstock Ltd which was neither allowed to be cross examined; such addition, therefore is"nullity", totally unjust, unfair and without due process of law having no legal basis and thus liable to be deleted. Hence with the above observations we delete the impugned addition to the tune of ₹ 4 crores made on the ground of bogus premium. This ground of appeal, is thus, allowed in favour of the assessee. Unaccounted investment in purchase of land of the project Ratnakar -IV of the assessee company - as revealed from the survey enquiry that the assessee had purchased land from three individuals for the construction of its residential project as “Ratnakar IV” - HELD THAT:- As find from the submissions made by the revenue that they have prayed for setting aside the issue to the learned AOfor re examination of the matter which, according to us is not permissible at this stage. If the prayer is granted by us, then this will be nothing but a premium on the inaction made by the authorities below on this aspect when they failed to avail the chances to do so at the relevant time. Both the Learned AO or by the Learned CIT(A) failed to do it. Opportunity of cross verification from the vendors, in our considered view should not be given in the hands of the Revenue once again which will be opening a further avenue for multiple innings which has been deprecated by the Hon’ble Jurisdictional High Court in the matter of Rajesh Babubhai Damania-vs-CIT [2000 (6) TMI 5 - GUJARAT HIGH COURT] particularly when the alleged unaccounted investment made by the assessee in respect of the property in question has not been established by the Revenue before us. Thus, the addition made on the basis of the “dumb document” is unjustified, unwarranted and bad in law which is liable to be set aside. Hence, with the aforesaid observation, we delete the addition towards alleged unaccounted investment in purchase of land of the project Ratnakar -IV - Decided in favour of assessee. Addition on account of on money - HELD THAT:- As relying on own case [2017 (3) TMI 1048 - ITAT AHMEDABAD] we find that the issue has already been settled in favour of the assessee
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