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2022 (1) TMI 1385 - AT - Income TaxUnexplained investment u/s 69 - ‘on money’ paid for purchase of the said land through its partner and the payment of ‘on money’ in cash is not recorded in the books of account - HELD THAT:- We find that DR failed to controvert the facts that firstly the additions were made simply on the basis of statement of power of attorney holders, secondly the addition was made without providing any opportunity of cross examination to the assessee with the 3rd party on whose statement addition has been made, thirdly, the additions are made merely on the basis of oral evidences and there is no evidence on record which could prove that the seller has received ‘on money’ and offered the same before the revenue authorities and lastly the addition seems to be made on assumption and presumption as except the registered sale deed no other incriminating material was found during search proceedings which could indicate that the alleged ‘on money’ has been paid by the assessee. As in the finding of ld. CIT(A) are inclined to hold that no addition u/s 69 was called for in the hands of assessee. No infirmity in the finding of ld. CIT(A) and the same is confirmed. Decided against revenue.
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