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2016 (6) TMI 744 - HC - Income TaxGenuineness of payment - diversion of income - Held that:- The petitioner was the owner of the land in question. He executed a sale deed in favour of Kusumben Doshi. As per the sale deed, the petitioner received only ₹ 58.68 lacs by way of sale consideration whereas M/s. Pushpadanta Infrastructure Ltd., as the confirming party, received ₹ 2.95 crores. There is not a word in the sale deed why the majority of the sale consideration was diverted to M/s. Pushpadanta Infrastructure Ltd. The petitioner has not been able to produce before the Revenue Authorities or even before us any reason why M/s. Pushpadanta Infrastructure Ltd. should have received such sale consideration. No agreement to sale, no lease document, no other document showing even in remote manner M/s. Pushpadanta Infrastructure Ltd. having acquired any right, title or interest in the land has ever come on record. It is not even stated that M/s. Pushpadanta Infrastructure Ltd. legally or otherwise was in possession of the land due to which such sale consideration had to be diverted to it. The Revenue Authorities, therefore, correctly disbelieved the genuineness of payment to M/s. Pushpadanta Infrastructure Ltd. and treated it as diversion of income.
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