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2010 (8) TMI 674 - AT - Income TaxSearch and seizure - Block period assessment - The assessee would accordingly be entitled to deduction of the expenses added under section 69C provided nexus is established on the basis of seized materials between the cash payments made and the lands purchased and sold - The term ‘set-aside’ or ‘cancellation’ have been used in the phrase together and, therefore, the principles of eujesdem generis applies - In the case of CIT v Bhan Textile (P.) Ltd. (2008 -TMI - 4171 - DELHI HIGH COURT) - wherein, it has been held that in case assessment is set aside, the limitation as contemplated under section 153(2A) would apply - Accordingly Ground No. 1 raised by the assessee is dismissed Alleged payment to certain land owner - Ld. Counsel referred to Memorandum Possession Receipt contained at page 57 onwards and pointed out that the person from whom, the assessee had purchased lands from land owners mentioned in this memorandum and thereafter the land was sold to Godrej Properties and Investments Ltd - The appellant on facts could not establish the said expenditure as business expenditure - this ground is allowed for statistical purposes Condonation of delay - 5 days was to be reckoned with reference to notice dated 6-7-1998 and not with reference to reply dated 29-9-1998 - He, accordingly, dismissed the assessee’s appeal - In the result, appeal filed by the assessee is partly allowed for statistical purposes
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