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2017 (6) TMI 132 - AT - Income TaxUnexplained investment - search under section 132 - joint holder of property - Held that:- We find that the addition was made on the basis of documents found during the course of search, which is purchase deed. The purchase deed was in the name of two persons who have purchased this land in equal shares. Therefore, addition of total investment cannot be made in the hands of the assessee. We direct the AO to treat unexplained investment to the extent of 50% of ₹ 4,85,000/-. Addition to this extent is confirmed and this ground of appeal is partly allowed. Default within the meaning of section 234B - Held that:- CIT(A) has not recorded any finding on the grounds raised by the assessee in the Asstt.Year 2006-07 and 2007-08. Similarly, with regard to the facts stated by the assessee before us that a request was made for adjustment of seized cash against advance tax liability, no finding is discernible from the orders of the ld.CIT(A) in other years. Therefore, we deem it appropriate to set aside this issue to the file of the ld.CIT(A) for fresh adjudication. While dealing with this issue, the ld.CIT(A) shall keep in mind the order of the ITAT in the case of Kanishka Prints P.Ltd. (2013 (7) TMI 14 - ITAT AHMEDABAD ) . This ground of appeal is allowed for statistical purpose in all the assessment years.
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