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2017 (5) TMI 1581 - HC - Income TaxAdditions u/s 69 - initial burden to explain the nature and source of the investment in land not recorded in the books of assessee - Held that:- On factual matrix, the tribunal has decided that burden is not shifted from assessee to department and though finding on third issue, no perversity is found, we find no ground to interfere.The amounts were received from bulk purchasers before the amount was paid as per agreement. A sum of ₹ 21,000/- was paid on 9.2.2003 and ₹ 5,00,000/- was paid on 4.3.2003 and a sum of ₹ 5,11,000/- was mentioned in the agreement. In the case of ‘Govind Vatika Project’, a sum of ₹ 21,000/- was paid before the date of agreement and a sum of ₹ 10,00,000/- was paid on 15.10.2004. The assessee has also filed the cash flow statement also. Looking to the modus operandi of the business which is verifiable from the execution of the project of ‘Govind Vatika Project’, we hold that the investment for purchasing the land is out of the founds received from bulk and retail purchasers and hence no addition is required to be made on this account. - Decided in favour of the assessee and against the department.
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