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Commissioner of Income Tax-25 Versus M/s Ekta Shakti Developers

Addition being interest paid, brokerage paid and loans taken from certain others - ITAT deleted the addition - Held that:- We find that both the CIT(A) as well as the Tribunal have reached the concurrent finding of fact that all amounts which have gone to reduce the cost of land to the extent of interest attributable to the payment made before the due date, the brokerage charges paid on behalf of vendor and non-return of loan of ₹ 10 lakhs by the vendor-M/ s Shakti to the respondent-assess .....

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ertained.

Addition on amount paid to a certain 'VT' - ITAT deleted the addition - Held that:- Appeal admitted on substantial question of law at Question No.2. - INCOME TAX APPEAL NO. 2031 OF 2013 - Dated:- 16-9-2015 - M.S. SANKLECHA AND G.S. KULKARNI, JJ. For The Appellant : Mr. Arvind Pinto, Advocate For The Respondent : Mr. S.C. Tiwari a/w Rutuja Pawar, Advocates JUDGMENT : This appeal under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 21 D .....

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rom certain others, whereas these additions were made by the AO on the basis of impounded documents? 2) Whether, on the facts and in the circumstances of the case and in law, the Tribunal was correct in upholding the decision of the CIT(A), who deleted the addition of ₹ 12,65,000/being an amount paid to a certain 'VT' whereas the addition was made on the basis of documents impounded during the survey on which a narration was made 'paid to VT ₹ 12,65,000/( 1150x1100) Ekta .....

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3 for 6 months as agreed 46,00,000 Brokerage payable to Durga Estate 12,00,000 1,38,05,000 4. The Assessing Officer during the course of assessment proceedings sought an explanation with regard to various entries appearing in above document. The respondent-assessee pointed out that it has purchased development rights from M/s Shakti Insulated Wires Ltd. (the ' M/s Shakti') and the purchase consideration was to be paid in installments. However, at the request of the vendor, the installmen .....

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onsible for payment gave credit for the same to the respondent leading to a fall in consideration payable to M/s Shakti. Similarly, a sum of ₹ 10 lakhs had been paid to the vendor-M/ s Shakti before finalization of the land deal and same had not yet been repaid by the vendor-M/ s Shakti. Consequently the above amount of ₹ 10 lakhs was also reduced from the consideration payable for the land deal. 5. The Assessing Officer did not accept the above submissions made on behalf of the resp .....

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case. The CIT(A) held that the aforesaid payments were all made by the respondent through account payee cheques of ₹ 12 lakhs to the broker as well as the aggregate of ₹ 57.82 lakhs and ₹ 10 lakhs to the Vendor-M/ s Shakti. On the aforesaid basis, the CIT(A) by it's order deleted the addition of ₹ 57.82 lakhs, ₹ 10 lakhs and ₹ 12 lakhs made to the respondent-assessee's income. 7. On further appeal by revenue, the Tribunal by the impugned order upheld .....

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