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2016 (6) TMI 980 - HC - Income TaxUndisclosed investment - Addition on the basis of documents (MoU) seized during the course of search / survey - Held that:- On the record, there is nothing to establish the factum of actual payment of purchase price at the rates as mentioned in MoUs by the assessee to the sellers for lands covered by the Agreements for Sale or the MoUs. On the contrary, the Affidavits of all the six sellers found and seized during the search, itself confirm that none of them had received any amount in excess of the amounts mentioned in the Affidavits, which were with respect to lands covered by Agreements for Sale dated 26.02.1996 and had not received any single penny towards the sale price of lands covered by MoUs and that saledeeds for lands covered by MoUs had not been executed. In the presence of the aforesaid documents evidence, the assumption or presumption arrived at by the Assessing Officer is uncalled for and bad in law. - it was absolutely illegal for the Assessing Officer to presume the factum of payment for those lands and that too at the rate mentioned in the MoUs. The Tribunal was completely justified in deleting the addition - Decided in favour of assessee
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