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2015 (5) TMI 854 - HC - Income TaxSuppression of income - sale price shown in the sale deed of the private respondent at ₹ 800/- per square feet is deliberately undervalued - Tribunal deleted the addition - Held that:- Considering appellant submition that the statement of the agreement-holder clearly discloses that the agreement was made on behalf of the respondent company. The agreement also discloses a payment of advance amount of ₹ 4-crore, which, according to the agreement-holder, was paid by the respondent company. The respondent company issued cheques towards advance payment to the vendor and virtually purchased the property. Therefore there appears to be no reasonable nexus and substantial evidence available to show that the agreement made by Mr Modi with the erstwhile owner was in fact for the benefit of the company and that the Tribunal did not appreciate the evidence in proper perspective, thus erred in allowing the appeal. - Decided against revenue. The respondent company has shown the sale price in the account books at ₹ 9-crore odd. The department has not found any contra material to controvert the entries in the account books of the respondent company.Tribunal was justified and correct in law in holding that even if the addition was justified, it should had been made under Section 69B of the Income Tax Act, 1961 and not under section 69 of the Income Tax Act, 1961. Department has failed to discharge the burden under Section 69B of the Income Tax Act, 1961 of proving that the assessee made additional investment. - Decided against revenue. Tribunal was justified and correct in law in holding that the provision of Section 114(g) of the Indian Evidence Act, 1872 is attracted in the case - Decided against revenue.
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