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2017 (10) TMI 599 - HC - Income TaxAddition u/s 69B - Assessee acquired 1.65 acre of land in excess for which no value was shown in the books of accoun - whether he benefit in question in any case covered under the head “Profits and gains of business or profession” in view of Section 28 (iv)? - Held that:- Shares were not exchange and there was exchanges of Land in the same locality and the duration of purchase of land and its exchange i.e. four-five months was very short. Furthermore, land rates are never uniform as in the share market and the A0 has not brought on record . - any allegation, material, evidence or document on record supported by proof of any rate variation resulting in a profit and addition has been made purely on the estimate basis. In absence of any material or evidence or documents to establish that the assessee has made investment and amount expended on making such investments or acquiring land exceeds the amount recorded in this behalf in the books of accounts, which has been properly audited and accepted by the department. - Decided against revenue
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