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2020 (12) TMI 1108 - AT - Income TaxAddition u/s 68 - unexplained land advances received back by the appellant - HELD THAT:- Transaction is a genuine transaction and the amount is arranged by the mediator-Mr.Badarinarayana Panigrahi. Though the names of the land owners who wanted to sale the land not mentioned, but the fact remains that Mr.Badarinarayana Panigrahi who is the mediator arranged the refund, therefore it cannot be disbelieved that the identity of the parties are not proved. It is a fact that assessee has advanced the amount and also a fact that transaction is not materialized because the legality of the agricultural land is the issue. It is also a fact that mediator is arranged repayment of the amount. By considering the facts and circumstances of the case, in our opinion, the addition made by the Assessing Officer and confirmed by the ld. CIT(A) is not correct and we delete the addition - Decided in favour of assessee.
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