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2015 (1) TMI 507 - AT - Income TaxUndisclosed investment in land - nature of land - agriculture land or not - Held that:- Only basis on which impugned addition was made was answer No. 18 of the statement recorded from Shri Mavjibhai on 29.03.2007. Said Mavjibhai was not even clear on the exact quantum of the consideration. This statement was not supported by any evidence in the form of banakhat, dates and mode of payment with regards to on money received. Assessing Officer failed to make any efforts to go beyond the statement given by Shri Mavjibhai (for whatever reasons best known to him) to justify the allegation that on money was paid to assessee. Mere statement of a third party could not be the basis for making addition in absence of any corroborative evidence. Assessee is agriculturalist and was not filing returns of income. For the year under consideration, return of income was filed in response to notice u/s. 148 admitting only agricultural income. The immovable property under consideration is agricultural land and there is nothing on record to suggest that agricultural land sold was ‘capital asset’ within the meaning of Section 2(14) and hence liable to capital gains. Thus CIT(A) was justified in deleting addition in question - Decided in favour of assessee.
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