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2020 (1) TMI 545 - AT - Income TaxAddition u/s 69 - unexplained investment made in purchase of land - whether the AO was able to lay his hand on the evidence exhibiting the fact that the assessee has made investment which are not recorded in the books of accounts, and failed to explain the source of such investment? - HELD THAT:- If the AO was able to lay his hand on any evidence exhibiting the fact that in the financial year immediately preceding the assessment year, the assessee has made investment, which are not recorded in the books of accounts, if any, maintained by him for any source of income, and the assessee failed to give any explanation or such explanation was not to the satisfaction of the AO, then the value of the investment may be deemed to be the income of the assessee of such financial year. CIT(A) has recorded a finding that in this year no payment was made by the assessee, and after looking into the chain of evidence flowing from different agreements, civil suits and ultimate resolution of the dispute, we are of the view that in this year, no asset came into existence in the name of the assessee, which requires to be shown in the books of accounts. The ld.AO has simply assumed certain facts, and assumed existence of unexplained asset which requires to be added under section 69 of the Act. After considering elaborate finding of the ld.CIT(A) on this issue, we do not find any hesitation in concurring with finding of the ld.CIT(A). Therefore, we do not find any merit in this appeal. - Decided against revenue.
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