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2016 (12) TMI 800 - AT - Income TaxAddition on assessee's share on account of profit generated on arrangement of additional land - Held that:- The Assessing Officer made the above addition on the basis of tripartite agreement to sell dated 29.06.2005. The ld. CIT (Appeals) noted that properties were sold by the respective persons by entering into agreement directly with M/s. Gee City Builders and assessee has never entered into any agreement with six persons for purchase of properties. This fact is also mentioned by Assessing Officer in the assessment order that sellers entered into transaction directly with the buyer M/s. Gee City Builders. If any profit is to be assessed or generated, it should be assessed in the hands of seller only. The Assessing Officer in the assessment order has noted that these are agreements from individual persons for sale of property in the name of M/s. Gee City Builders. No evidence was found against the assessee that he was involved in any deal either through any document or agreement to sell. The Assessing Officer has not conducted any further inquiry to find out the involvement of assessee in any purchase and sale of land through six registered sale deeds. In the absence of any evidence on record against assessee to act as middleman or conduit, ld. CIT (Appeals) was justified in deleting the addition. This ground of appeal of the revenue has no merit. Same is, accordingly, dismissed.
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