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2022 (8) TMI 527 - AT - Income TaxDeduction u/s 80IB(11C) - factual position found during search & seizure proceedings u/s. 132 of the Act was not substantiate the claim of the assessee u/s. 80IB(11C) as the assessee was not satisfying all the conditions as laid down u/s. 80IB(11C) - CIT-A allowed deduction - HELD THAT:- From the perusal of the documents submitted before the Assessing Officer as well as before the CIT(A) it can be seen that the local authority i.e. Vadodara Municipal Corporation has issued certificate after verifying all the aspects related to 100 beds capacity in the Hospital and granted registration and permission to run the Medical Facility Centre (Hospital). Thus, there was no doubt as to the required condition of 100 beds Hospital in assessee’s case as per the conditions laid down under Section 80IB(11C) - Besides this, the assessee has also submitted the Minutes of Understanding in respect of additional supply of expertise such as Doctors and Nurses with other Hospital. Thus, merely on the basis of statement which were later on retracted cannot be taken into account for determining not to grant deduction under Section 80IB(11C) of the Act to the assessee. The CIT(A) has rightly deleted this addition. - Decided against revenue. Unexplained investment u/s 69A - unexplained bullion - As per assessee bullion was then converted into “Gold Kada Jewellery” and the making charges was also paid by the assessee in cash which is also duly accounted for - HELD THAT:- It is pertinent to note that bullion purchased by the assessee has been properly reflected in the books of account and the Balance Sheet with the detailed explanation given in Schedule-D. From the perusal of records, it can be seen that all the purchases made is in the cash mode still the bills were properly maintained by the assessee and the said evidence were produced before the Assessing Officer as well as before the CIT(A). Thus, the assessee has explained investments and also explained the conversion of that investment into jewellery in the later years. Thus, this cannot be termed as unexplained investment under Section 69A - CIT(A) has overlooked the evidences produced by the assessee and hence appeal of the assessee is allowed.
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