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2015 (10) TMI 79 - AT - Income TaxUnexplained investment - CIT(A) granted partial relief - the only reason for which ld. CIT(A) has sustained the addition of an amount, such payments were made after registration of the sale deed - Held that:- n this regard, assessee’s explanation that the registered sale deed was not for the entire extent of land as mentioned in the agreement of sale, hence, the amount was withheld and subsequently paid after the transfer of land, in our view, is believable. Moreover, it has been contended before us by ld. AR, when the payments were admittedly made after the end of relevant FY, they cannot be considered as unexplained investment of assessee for the impugned AY. We f ind merit in the aforesaid submissions of ld. AR. As can be seen from the details, as extracted in para 5.3 of ld. CIT(A)’s order, the amount o was paid to Shri Syed Asif between 31/05/08 to 12/01/09. Therefore, as the payments were made after the end of the relevant FY i.e. FY 2007-08, such payments, if at all, are to be treated as unexplained investment of assessee, they cannot be considered for addition in the impugned AY. Accordingly, we delete the addition sustained by ld. CIT(A). - Decided in favour of assessee.
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