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2016 (7) TMI 852 - AT - Income TaxAddition of unexplained investments in purchase of agricultural land u/s 69 - Benami transations (Prohibition) Act 1988. - Held that:- There is no evidence on record rebutting the same. We further find that this assessee has been showing agricultural income as per the impugned order. This is not the case with co-purchaser Shri Girish Kumar. We notice that he is in fact a cloth trader. That being the case, this co-purchaser could not have purchased the agricultural lands in question under Section 63 of the Bombay Tenancy and Agricultural Land’s Act, 1948 (as applicable to Gujarat state). We fortify both the lower authorities’ conclusions holding the assessee to have spent the entire sum of ₹ 83,13,850/- in these facts and circumstances. We rather deem it appropriate to go a step further. This co-purchaser admittedly is not entitled to purchase agricultural lands. We observe that even he had purchased the land in assessee’s name, the latter is the sole owner thereof as per the provisions of the Benami transations (Prohibition) Act 1988. We have already held this assessee to have paid the entire purchase consideration of ₹ 83,13,850/- in question forming subject matter of the impugned unexplained investment addition made u/s.69 of the Act. The same stands confirmed. - Decided against assessee.
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