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2012 (1) TMI 369 - AT - Income Tax
Unexplained investment u/s 69 - AO found that the assessee purchased a property for which he passed some amount from the regular sources and the balance amount had been paid from unexplained sources, as during the survey, unsigned draft agreements were found. Also, no revised agreements were found at premises of assessee's company.
HELD THAT:- ld. CIT (A) held that the AO was not right in making impugned addition of the amount in question on the basis of unsigned and undated draft agreement and without bringing any corroborative evidence on record. We found that the agreements and the revised agreement cannot be denied merely for the reason that they were not found during the course of survey at the premises of assessee's company. The assessee claims that the same were there at his residence. The assessee's statements were not recorded during the course of survey otherwise he could have explained the complete facts at that time itself. Further, these agreement are written on the stamp papers issued prior to the date of transactions. No evidence is there on record showing the balance payment of sum by the assessee or his family members. The amount remaining to be paid in terms of the draft agreement also remained payable in terms of the signed agreement but the terms were subsequently revised and payment was made as per the revised terms.
In view of these facts and circumstances of the case, we find that the ld. CIT(A) has given a well reasoned and well founded order after dealing with each and every aspect of the issue and we are in full agreement with the findings of the CIT(A) that the addition of balance amount made by applying the provisions of section 69 is not justified. We therefore, confirm the order of ld. CIT (A) - Decision in favour of Assessee.
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