Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 304 - AT - Income TaxSearch & Seizure - Addition made u/s 69B of the Act - Revenue contended from seized documents that amount mentioned is nothing but the cost price paid by assessee to the seller of this land – Held that:- The decision in The Deputy Commissioner of Income Tax, Central Circle-2, Versus M/s. Rising Buildestate Pvt. Ltd., [2012 (9) TMI 252 - ITAT, JAIPUR] followed - CIT (A) has taken into consideration the aspect that firstly the AO ’s view about the cost of land - Three show cause notices were given to the assessee for explaining that why the cost of the land be not taken - All the three times, the explanation was filed and the AO was satisfied with the explanation - as per certain seized documents, the AO took this value as cost of investment in the property. Neither the AO could co-relate the figures mentioned as per books of account - Therefore, there cannot be a presumption that figure mentioned is figure of cost of land purchased by assessee - There must be some corroborative evidence to hold that this figure is related to cost of the land purchased by the assessee - Neither the findings could be controverted nor any other material were brought on record which can be said that findings of CIT (A) are not correct – thus, there was no infirmity in the order of CIT (A) deleting addition made u/s 69B of the Act - Decided against Revenue.
|