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2012 (7) TMI 644 - ITAT HYDERABADAddition as unexplained investment u/s 69B - valuation - Assessee company had purchased two pieces of land - Assessee company has disclosed full purchase cost whereas the Assessing Officer has taken difference of purchase cost as undisclosed cost which was taken treated as unexplained investment u/s 69B of the IT Act – Held that:- Lands purchased by the appellant company as well as M.s Bhagyanagar Metals Ltd are adjacent to each other - Sri Madhu Venkateshwar who is the owner of the third site which was sold to M/s Bhagyanagar Metals Ltd had received rs 25,000 per acre and the total consideration of Rs. 163,75,000/- for Ac. 6.22 guntas the appellant could not have purchased for a throw away price of Rs 20,00,000 for Ac. 3 guntas and Rs 22,50,000 for Ac. 3.37 guntas - sale price of the plots of Rs.150 per square yard would clearly indicate the price at which the property could have been purchased, as it is natural that no businessman would sell at a price lesser than the purchase price thereby incurring a loss - Assessing Officer directed to adopt the rate of Rs.150 per square yard as purchase cost of land by the assessee - appeal of the Assessee is partly allowed.
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