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2017 (11) TMI 74 - HC - Income TaxUnexplained investments - Held that:- Commissioner estimated the availed funds likely to have been available with the assessee as a result of ₹ 15,00,000/-. In appeal the Revenue said there was no proof. The Bench found that the Commissioner had followed well-settled principles. In regard to non-proving of expenditure, the Commissioner found that all transactions were banked. The ITAT held that the Revenue in appeal was unable to dislodge the findings that the so-called assets in the hands of the assessee were agricultural land and not capital assets. It also found that there were known sources of income and these were for specific purposes where the assessee had functioned as a contractor or mediator on behalf of or at the request of two commercial entities. Having taken into account the actual status of the accounts, records, bills and vouchers, the ITAT came to the conclusion that the appeal of the Revenue called for no interference. We are unable to see any infirmity in the order of the ITAT and certainly we are unable to see how it raises any question of law at all. This is not a matter of a complete misappreciation of the records or evidence. The Commissioner in the appeal before him took a view. The ITAT held that view to be plausible. It noted no perversity. We find no perversity either in the order of the ITAT. Certainly it cannot be said that on these facts it was not possible for any body, authority or Tribunal to come to the conclusion to which the ITAT did.
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