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2016 (6) TMI 424 - AT - Income TaxAddition u/s 69 as undisclosed investment in immovable property - CIT(A) deleted the addition - Held that:- It is clear from the order of CIT(A) that the assessee never made any investments in the purchase of immovable property worth ₹ 44 crores in Mumbai. The assessee only created only mortgage over an immovable property for a sum of ₹ 44 Crores to avail credit facilities from Deutche bank. The necessary Form No.8 was filed by the assessee in the Ministry of Corporate Affairs on 14.07.2007. Incidentally the mortgage was also created on 14.07.2007. In the light of the aforesaid document and in the absence of any other reliable evidence to show that the assessee made any investment of ₹ 44 Crores in purchase of a property, we are of the view that addition made by the AO was rightly deleted by CIT(A). We may also add that the I.T.S. or (AIR information) details received by the AO was only an information which could be the basis for starting an enquiry against the assessee. These details cannot be conclusive against the assessee - Decided against revenue
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