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2014 (4) TMI 1282 - AT - Income TaxUnaccounted investment made by the assessee in purchase of the subject property - CIT-A deleted the addition - as argued that the Director of APIPL had, on oath, admitted that the acquired value mentioned in the seized material (computer sheet) was the value which was paid to the land owners for the purchase of the property by the assessee - HELD THAT:- CIT (A) had called for a remand report wherein the AO, admittedly, conceded that the said addition was made in the hands of the assessee purely based on the report of the ADIT (Inv). Surprisingly, the ADIT (Inv) came to a conclusion by relying on the statement of Sri Aga, Director of APIPL, on oath. As a matter of fact, APIPL had nothing to do with the transaction between the assessee and the sellers of the subject property, namely, Shri Chennappa and Shri Jagadish Chandra Ankalagi. Since the issue which has been examined in detail by the CIT (A) has not been disputed by the Revenue with any documentary evidence even during the course of hearing before us, we are of the view that the CIT (A) was justified in deleting the addition made by the AO. It is ordered accordingly.- Decided against revenue.
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