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2014 (11) TMI 315 - AT - Income TaxValidity of addition made u/s 69B – purchase of land belong to the asssessee or company - Held that:- The assessee’s main sources of income are income Partnership firms, Salary income and Income from other sources - During the course of survey operations conducted at the business premises of the various concerns, certain documents were impounded. A paper found at page 12 of Annexure 17 of the bunch impounded during the course of survey operation revealed details of payment made for purchase of land at Jaipur - the land was purchased by M/s Builders Alliance (P) Ltd and the copy of conveyance deeds placed in the paper book filed by the assessee also show that the land was purchased by the company - There is an instance wherein the tax authorities themselves have ignored, i.e., not chosen to assess the amount declared by the assessee in the sworn statement taken from him - the tax authorities have also disregarded the admission made in the sworn statement, but proceeded to assess the income in the hands of right person only on due consideration of the facts surrounding the same, the tax authorities have acted in an objective manner to corroborate the admissions made in the sworn statement with other materials and have come to the conclusion to assess the said amount in the hands of right person – the order of the CIT(A) is set aside and the AO is directed to delete the addition made – Decided in favour of assessee. M/s GHP Corporation received ₹ 3.00 crores as advance in the financial year 2005-06 relevant to the AY 2006-07 - the amount of ₹ 2.00 crores received by way of cheque was credited to the capital account of the assessees herein available in the books of M/s GHP corporation – there is no reason to reject the claim of the assessees that they had taken away the remaining amount of ₹ 1.00 crores received by way of cash - Once it is seen that the assessees are possessed of ₹ 50.00 lakhs each, then there would merit in their contention that amount would be available as source for making investments - both the assessees have sought set off of ₹ 50.00 lakhs against the unexplained cash and unexplained jewellery found during the course of search - both the assessees are justified in the claim that the sources to the extent of ₹ 50.00 lakhs in each of their hand stand explained, the revenue did not bring any material on record to show that the amount of ₹ 1.00 crore was otherwise spent away – thus, the order of the CIT(A) is to be set aside and the AO is directed to give credit of ₹ 50.00 lakhs – Decided in favour of assessee.
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