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2022 (2) TMI 867 - AT - Income TaxAddition on accounts of transfer of land - whether Section 50C is applicable or not in the case of compulsory acquisition? - Land of the assessee was acquired by the NHAI and the transfer is by compulsory acquisition - HELD THAT:- As decided in SRI JUSTICE B. SUBHASHAN REDDY (HUF) HYDERABAD [2020 (7) TMI 623 - ITAT HYDERABAD] set aside the order of the Ld. CIT(A) and direct the Ld. A.O. to delete the addition made invoking the provisions of section 50C of the Act in the case of both the assessee. Shortage of coal and shortage of imported coal - HELD THAT:- In the case of imported coal, the A.O. could have, similarly examined the import bills, dates of payments, dates of shipment to find out the exact quantity of coal imported by the applicant along with the opening stock, etc. These and similar facts could have led to a correct fact finding related to the purchase, consumption and stock of coal. Deprived of any fact, it is difficult to accept the AO's action which appear to be based on his own whims. Whims cannot be a ground for making addition to the income of the appellant. The additions made by the A.O. to the tune of ₹ 7.41 crores and ₹ 16.36 lakh on account of disallowance of shortage of coal at 27,426.39 MT of coal and 170.91 MT of imported coal is directed to be deleted. Appeal filed by the Revenue is dismissed.
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