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2016 (7) TMI 1081 - AT - Income TaxUndisclosed purchases - whether vendees have paid more amounts in cash to the vendor for purchase of land? - Held that:- No doubt the Revenue was able to collect information for initiating inquiry but failed to bring clinching evidence on record demonstrating the fact that vendees have paid more amounts in cash to the vendor for purchase of land. This fact may be appreciated with the different angle also. The sale deed was executed on 11.8.2008. The assessees have come to know about the dispute of the land. Then, why they will pay rest of ₹ 20,66,500/- in the accounting year relevant to the Asstt.Year 2009-10. The AO has assumed payment of cash at the end of the assessee simply for the reasons that the investment is being made by the vendor, but that cannot be a plausible reason. The AO should have collected concrete evidence demonstrating the fact that the payment of amount in cash, over and above, one stated in the sale deed. Taking into consideration these facts,allow all the appeals of the assessee and delete addition in each hands of the assessees in the Asstt.Year 2008-09 (except from the hand of Manibhai V. Patel, because status of his appeal is not available at this stage) and in the Asstt.Year 2009-10. - Decided in favour of assessee
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