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2017 (4) TMI 573 - HC - Income TaxAddition of sum paid to secure the possession of the flat - unexplained investment - Held that:- The description of the flat in the loose papers did not tally with the description of the flat at Matunga. It was also not possible to gauge from the loose chits that were seized during the search operations that the flat at Matunga was referred to in the said chits. It was held by the Tribunal that there was no material to hold, as held by the Assessing officer, that the assessee had made the payment of ₹ 66,50,000/for securing the possession of the property from Shri Chokhani. It was also observed that the Assessing Officer could not have disbelieved the version of the Society or the broker on the ground that the Society did not know the whereabouts of Shri Chokhani after he left the flat that he was occupying for a period of ten years. The Tribunal held on an appreciation of the material on record that the addition made on the basis of the indication of purchase of flat and payment based on a piece of paper, cannot be upheld. In the instant case, since the broker had denied the receipt of payment and the Society had also denied the same, the Assessing Officer could not have held that the assessee had paid a sum of ₹ 66,50,000/to Shri Chokhani for securing the possession of the flat though no paper evidencing the payment except a letter of the broker was seized. The findings recorded by the Tribunal are pure findings of facts based on a proper appreciation of the evidence on record. The Tribunal has held on an appreciation of the material on record that there was no evidence, much less any cogent evidence to prove that the assessee had paid sum of ₹ 66,50,000/to secure the possession of the flat. In the circumstances of the case, the question of law is answered in the affirmative and against the Revenue.
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