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2013 (7) TMI 112 - AT - Income TaxDisallowance qua interest free advances - CIT(A) deleted the part addition - Held that:- The assessee's case, being a financer/money lender had admittedly availed interest bearing loans and advanced it to the parties in question without any interest, amounts to special circumstances and it is for him to place on record the relevant material to the effect the business of the parties is export, their mutual understanding with him to share the profits arising therefrom. Nothing of this sort is forthcoming from the case file. Nor such material was produced before the AO or CIT(Appeals). This proves that CIT(Appeals) has accepted assessee's oral submissions which are not based on any material on record. Therefore, the findings of the AO in support of the addition have been wrongly interfered with by the CIT(Appeals). Accordingly, the additions restored Entitlement for deduction u/s 54F - CIT(A) allowed the claim - Held that:- There is no dispute between the parties on facts that the assessee had sold his land and raised construction on a plot owned by his wife. Since the section 54F of the 'Act' is a beneficial provision, it has be liberally construed. Therefore, CIT(Appeal)'s findings confirmed.
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