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2016 (9) TMI 853 - ITAT JAIPURUnexplained investment in agricultural land - Held that:- Non-admissibility of the agreement and the receipt, is not required to be adjudicated as in our view there is no investment in the purchase of the agricultural land and merely the statement of the assessee cannot be considered to be admissible piece of evidence to show that the some crystallized right in the form of investment were made by him in the agricultural land. Since we have held that the agreement in the receipt are nonest in the eyes of law, therefore, it cannot be considered as investment, in consequence thereof or there cannot be any investment. The question of investment will only arise when there is a document to support that. Further we find that the assessee has been able to explain, assuming documents are admissible in law, source of investment, which is reflected from the statement given by the father of the assessee and also by the person from whom as well as also by the other persons. The assessee explained that ₹ 11 lacs were received by him from Sh. Hukum Singh and Satveer Singh. This said persons have duly explained the source of the source. Further ₹ 22 lacs were received by the assessee from his father would also be many plausible explanation of receipt of 22 Lacs as sale consideration for the sale of his land from one Sh Gopi Ram. The assessee himself had produced the receipt of the ₹ 6,00,000/-received on account of sale of his Tractor. Thus the assessee was able to explain the complete source of investment of ₹ 50 lacs. - Decided in favour of assessee.
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