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2013 (4) TMI 731 - HC - Income TaxCash received back on cancellation of the deal - Nature of receipt - addition to assessee income - addition relying on the statement of Vikas Shah made under Section 131[1](a) - Held that:- Sole reliance for such addition on the statement of Vikas Shah was not sustainable. The Tribunal also noted that there is nothing to indicate; except the statement that the assessee had entered into a deal in respect of the land and for cancellation of such deal, an amount of ₹ 15.50 lakhs having been paid and there was absolutely no justification for such additions. By extensively examining the statement of Vikas Shah, it was noted that the amount received by the assessee represents payment on account of cancellation of the deal and such amount cannot be considered as assessee’s income. We are in agreement with the view of CIT [A], duly concurred by the Tribunal. Except bare version of Vikas Shah, there was nothing on the record to substantiate the finding of the Assessing Officer, and therefore, both the authorities were justified in deleting the addition made in the hands of the assesseerespondent. - Decided against revenue
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