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2016 (11) TMI 1162 - AT - Income TaxUnexplained investment in Flat - joint ownership - Held that:- In view of the fact that the plea of joint co-owner of having paid the on-money out of cash available with M/s. Ashoka Buildcon Ltd. out of disclosure made before the Settlement Commission having been accepted to the extent of ₹ 56,10,000/-, no addition is merited in the hands of assessee as the assessee’s contribution is to the extent of 50% of ₹ 56,10,000/-. Further, the assessee claims that even the parking fees of ₹ 5 lakhs is funded out of cash available with M/s. Ashoka Buildcon Ltd. and in the totality of the above said facts and circumstances, we find merit in the claim of assessee as the Assessing Officer has failed to bring on record any evidence to the contrary. Accordingly, we direct the Assessing Officer to delete the addition of ₹ 30,55,000/- being half share of ₹ 61,10,000/-. The ground of appeal raised by the assessee are thus, allowed.
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