Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (11) TMI 1242 - AT - Income TaxUnaccounted investment for the purchase of land - taxability in the hands of individual assessee or company - held that:- the registered sale deed dated 17.10.2007 was not executed between two individuals but it was purchased on behalf of a company, namely, CCCPL, on one hand, from other corporate entities, seven in number, on the other hand. Therefore, the transaction carried out was a well publisized transaction. Rather facts of the case have further revealed that earlier the land in question belonged to certain co-operative societies. Such a sale deed thus cannot be treated as a “close-door-deal” Suspicion howsoever strong cannot take the place of evidence - those were not even the incriminating material but simply computer generated projectionsheets, therefore, hard to say, synonymous to clinching material evidence depicting cash transaction, hence erroneously suspected by the Revenue Department. We hereby hold that there was no evidence in possession of the Revenue Department to hold that the assessee had in fact made an unaccounted investment towards the purchase of the property. - Decided against the revenue. Deletion of addition by the CIT(A) on account of unaccounted income paid to outgoing surgeon doctors by holding that said amount should be taxed in the hands of the company M/s, CCCPL - Held that:- In a situation when we have already taken a view that there was no element of on money in the purchase of the property in question then in consequence thereof, there was no element of payment of cash to the outgoing doctors. - No addition - Decided against the assessee.
|