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2021 (3) TMI 46 - AT - Income TaxUnexplained investment - whether assessee has executed sale deed less than Jantri rate or whether assessee has made on-money payment as alleged by the A.O. or not? - addition has been made on the basis of information received from the Investigation Wing of the Department at Mehsana that there has been escapement of income on the ground that actual deed was executed at ₹ 95 lacs whereas the agreement to sell for the same land was entered at ₹ 10,95,58,873/- and hence sale deed was executed at undervalued consideration - HELD THAT:- Revenue has not given any comparable and moreover matter was not referred to the DVO for ascertaining actual cost of the land. In our considered opinion, the appropriate person was DVO who would have been able to ascertain the actual cost of the land, but Ld. A.O. has not exercised such practice and same is amounting to miscarriage of justice. Merely on the ground of information, addition cannot be sustained and for making any addition there has to some corroborative evidences as well on the basis of surmises and conjectures addition cannot be sustained. The assessee has filed an assessment order in assessee's own case for A.Y. 2011-12 wherein assessee has sold that land at ₹ 1,25,00,000/- in 2020 meaning thereby that assessee earned profit of ₹ 30 lacs in three years and same contention has been accepted by the Ld. A.O. with regard to same land when department has accepted the sale price of the said land at ₹ 1,25,00,000/- how that land could be alleged to have been purchased at ₹ 10,95,58,873/- and department has not brought anything on record to controvert the finding of the Ld. CIT(A). Thus, in view of the above, we are not inclined to interfere in the order passed by the Ld. CIT(A). - Appeal filed by the Revenue is dismissed.
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