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2020 (9) TMI 818 - AT - Income TaxAssessment u/s 153A - Addition on account of scrap trading - HELD THAT:- As gone through the orders of the authorities below and found from the record that during the course of regular assessment, the A.O. has not brought on record any evidence to the effect that the assessee has sold any capital asset nor any finding was recorded to the effect that when such asset was acquired to whom it is sold and for what consideration, in absence of any material describing nature of asset, year of acquisition, year of transfer consideration accruing as a result of transfer, the provisions of Section 45 of the Act cannot be applied. A detailed finding has been recorded by the ld. CIT(A) to this effect in para 8 of his appellate order which has not been controverted by the ld. DR by bringing any positive material on record. Accordingly, we do not find any reason to interfere in the findings so recorded by the ld. CIT(A) and we uphold the same. Undisclosed expenditure u/s 69 - Investment in land jointly with his 2 family members - HELD THAT:- CIT(A) had deleted the addition by observing that this plot was belonging to Shri Mangi Lal Kandoi and the sale proceeds of the same is also added in his end being father of the assessee. The ld. CIT(A) has further held that since the sale of plot has been taxed in the hands of the father of the assessee i.e. Shri Mangi Lal Kandoi, the cost of acquisition should also be considered in the hands of Shri Mangi Lal Kandoi and not in the hands of the assessee. Accordingly, no addition is warranted in the hands of the assessee on account of cost of acquisition. A detailed finding has been recorded by the ld. CIT(A) to this effect in para 11 of his appeal order which has not been controverted by the ld. DR by bringing any positive material on record. Accordingly, we do not find any reason to interfere in the order of the ld. CIT(A) for deleting the said addition. Hence, we uphold the same.
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