Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 1291 - AT - Income TaxAddition of undisclosed payment received on sale of land on the basis of seized documents - Held that:- We find that ground 1 of revenue’s appeal as mentioned elsewhere is misplaced in as much as it refers to the additions on account of undisclosed payment received on sale of land whereas the facts show that the assessee has in fact purchased the impugned land. The undisputed fact is that the impugned land was purchased jointly with one Shri Bharatbhai Patel. However, we find that the entire additions have been made in the hands of the assessee. Further, the impugned incriminating material was found from the premises of Shri Kalidas Patel but surprisingly the said Shri Kalidas Patel did not even made a whisper of having received consideration over and above what has been stated in the registered document. In our considered opinion, the impugned additions made by the A.O. does not have any basis - Decided against revenue
|