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2022 (11) TMI 1162 - AT - Income TaxUnexplained investment in purchase of agriculture land u/s 69C - value determined by stamps authority - addition on the basis of difference in “actual purchase price” and “valuation made by stamps authority” - HELD THAT:- There is no evidence or basis available to the lower authorities for making this addition. On a careful reading of section 69C, we observe that the said section empowers the assessing authority to make addition where unexplained expenditure is found but then the unexplained expenditure has to be real and not notional. Had there been any evidence in the possession of revenue authorities which could establish that the assessee has actually expended a sum on purchase of the property, the authorities would have been within power to treat the difference as income of assessee but this is not so in present case. The authorities do not have any evidence whatsoever by which it can be said that the assessee has expended a sum on purchase of the impugned property. From the decision of Bharat Sanchar Nigam Limited [2022 (7) TMI 1350 - SUPREME COURT] that the value determined by stamps authority is merely for collection of stamps duty. Also find merit in the submission of Ld. AR that the realising the absence of provision, the Parliament has introduced newer section 56(2)(x) but that section does not support revenue’s case for AY 2013-14. With this discussion, we do not hesitate in concluding that the revenue authorities are not justified in making addition u/s 69C in this case. Ground raised by assessee is allowed.
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