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2017 (2) TMI 1306 - HC - Income TaxReceipt of on money in cash - Held that:- Considering document i.e. Kaccha receipt, Banakhat, MOU signed by one Vikas Patel and the assessee and details of the payment mentioned in the said MOU which was signed by the assessee and which was duly executed by the assessee both learned CIT(A) as well as learned Tribunal have held that unaccounted payment of ₹ 1.50 Crore has been made on the land in question. Statement of Shri Vikas Patel recorded under Section 132(4) and statement of Shri Bhagwanbhai Aajra dated 12.12.2011 (one of the purchaser) have also been relied upon. Thus it cannot be said that there is any error committed by the learned CIT(A) and learned Tribunal in holding that ₹ 1.50 crore was received in cash as on money. - Decided against assessee. admitted to consider the following question of law. "E. Whether on the facts and in the circumstances of the case as well as in law, the Appellate Tribunal could have come to the conclusion that the entire gain on sale of said land was assessable as business income as against short term capital gain assessed by AO ?"
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