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2016 (12) TMI 409 - HC - Income TaxUnexplained investment in purchase of land - Held that:- From a perusal of the record it becomes clear on facts that assessee had taken a loan from one M/s City Developers Pvt. Ltd., Kolkata and it has also come on record that infact money had come from M/s City Developers into the account of assessee. There is no denial of this fact by the department. The department had at no place alleged that there was any doubt about the fact that money, which had come into the account of the assessee, were from its transaction made with M/s City Developers Pvt. Ltd., Kolkata. The monies were also found actually credited in the bank account of the assessee. No allegation of any fraudulent dealing from Kolkata have been alleged by the department. The genuineness of the transaction, therefore, is not in doubt. There is no finding whatsoever with regard to that. On the contrary it is clear that provisions of Section 69 of Act are not contrary in order to make an addition to the assessee's income. - Decided in favour of the assessee.
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