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2018 (3) TMI 1802 - HC - Income TaxUnexplained investment u/s 69 - statement u/s 131 was recorded from the assessee (appellant) Vijay Jain, Director of the Company, wherein it was admitted that he has purchased shares of ₹ 35,000/- of M/s. Kunjika Construction Private Limited and also invested in share application money at ₹ 44,28,000/- - HELD THAT:- Statement is to be believed as a whole and not in piecemeal as one part suits to the assessee and other part does not suits to the assessee. Shri Santosh Kumar Lalwani in reply to Question No.14 of his statement has clearly stated that he has entered into this agreement for purchase on 15.08.2005 and paid an amount of ₹ 8,00,000/- as advance (Bayana), after seeing the executors of said agreement for purchase of 1/3rd land had an agreement with original owner of the land in which it was clearly mentioned that they have right to sell the said property and they have paid ₹ 20 lakhs towards Bayana for the purchase of said land. We are of the view that the Tribunal rightly upheld addition of ₹ 20,00,000/- (rupees twenty lakhs) as unexplained investment under Section 69 - findings recorded by the learned authorities are the findings of fact based on the agreement of purchase of land dated 15.08.2005 and the same was admitted by Shri Santosh Kumar Lalwani in reply to Question No.14 of his statement and thus, we cannot accept the contention of the learned counsel for the appellant that the learned authorities have committed an error in relying on the statement of Shri Santosh Kumar Lalwani. - Decided against assessee.
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