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2017 (11) TMI 316 - AT - Income TaxSale of plot of land - Short term capital gain OR short term capital loss - Held that:- AO though issued notice u/s 133(6) and received the reply from these persons however, all other connected and relevant facts and aspects of the matter like whether these six persons were in possession of the property in question and when the property was got vacated. All these facts can be verified only in the enquiry conducted through examination of these six persons by recording their statements and giving opportunity to the assessee for cross examination. Since the AO has not conducted the requisite enquiry to reach conclusive finding of fact. We are of the considered view that these matters require a proper verification and enquiry of the relevant facts. Accordingly, we set aside this issue to the record of the Assessing Officer for conduct of proper enquiry by examination of these six persons and also giving an opportunity to the assessee to cross examine and then decide the issue as per outcome of the such fact finding enquiry. As regards the source of the money claimed for compensation the assessee has contended that the barrowed funds was used and repaid through banking channel subsequently. However, except the details of the borrowed funds the assessee has not produced any other material or documentary evidence to show the transaction of borrowed funds. Accordingly, the assessee is required to produce the documentary evidence as well as the creditors for examination by the AO. Assessee’s appeal is allowed for statistical purposes.
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