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2010 (9) TMI 1112 - AT - Income TaxDeleting the addition - payment made outside of books for purchase of plot - undisclosed sources of income - HELD THAT:- Under the circumstances, these additions have been made on the basis of documents found during search at the place of a third party which at best only showed the tentative /projected purchase consideration. It is not the case that the Circle Rate or the value as per stamp registration authorities of the impugned property is more than what has been disclosed. It is also not the case that unaccounted cash has been found to be paid by the assessee or received by the seller. There is also no statement of the seller on record that he has obtained on money. Under the circumstances, the additions made in this regard is not sustainable. deleting the addition - paid in cash as the source of investment - HELD THAT:- In our opinion, this ground itself is misconceived, in as much as the question of proving the source of investment will arise only when the investment is conclusively proved. We have already found above that the claim of on money transactions has not at all proved in this case. As held in the decision of P.V. Kalyanasundaram [2007 (9) TMI 25 - SUPREME COURT] the onus is that of revenue to prove the same and as clearly found by us above the revenue has failed to do so the same. Accordingly, we uphold the order of the Ld. CIT (A) and decided the issue in favour of the assessee. In the cross objection the assessee has objected the validity of reopening, confirmed by the Ld. CIT (A). Ld. counsel of the assessee submitted that he shall not be pressing this ground. Accordingly, the cross objection filed by the assessee is dismissed as not pressed.
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