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2022 (4) TMI 235 - AT - Income TaxAddition on money receipts - During the course of search in the office premises of the assessee books and documents were seized - whether the amount being 50% share of Shri S. Asokan, the assessee, is explained or unexplained? - HELD THAT:- Admittedly, these are found during the course of search from the documents seized. It is revealed that the plots are sold at the rate of ₹ 175 per sq.ft., and selling area is 23909 sq.ft., sold to Shri K.P. Palani & Brothers in the financial year 2009-10 relevant to this assessment year 2010-11. We noted that the AO has rightly made addition in the hands of the assessee based on evidences gathered during the course of search which are not rebutted by the assessee. Hence, we confirm the orders of lower authorities on this issue and this issue of assessee’s appeal is dismissed. Addition of rate difference of sale value between the developer and the land owners - HELD THAT:- This extent of land of 29744 sq.ft., was sold by assessee to Shri M.N. Palani in assessment year 2008-09 i.e., Plot Nos. 1 to 13 & Shop No.1. The fact regarding sale by assessee to Shri M.N. Palani is recorded in the seized documents but there is no mention of repurchase by assessee of the same land. The AO has just made inference and nothing else. As the AO has drawn inference only and there is no iota of evidence having assessee repurchased the land from Shri M.N. Palani, no addition on the basis of conjecture and surmises be made. Hence, we delete the addition and reverse the orders of lower authorities on this issue and allow this issue of assessee’s appeal
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