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2016 (12) TMI 409 - ALLAHABAD HIGH COURT

2016 (12) TMI 409 - ALLAHABAD HIGH COURT - TMI - Unexplained investment in purchase of land - Held that:- From a perusal of the record it becomes clear on facts that assessee had taken a loan from one M/s City Developers Pvt. Ltd., Kolkata and it has also come on record that infact money had come from M/s City Developers into the account of assessee. There is no denial of this fact by the department. The department had at no place alleged that there was any doubt about the fact that money, which .....

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o make an addition to the assessee's income. - Decided in favour of the assessee. - Income Tax Appeal No. 312 of 2008 - Dated:- 23-11-2016 - Hon'ble Bharati Sapru And Hon'ble Shashi Kant, JJ. For the Appellant : S. C. ( R. K. Upadhyaya ) For the Respondent : S. D. Singh ORDER This is department's appeal under Section 260A of Income Tax Act, 1961 (hereinafter referred to as "Act") against an order passed by Tribunal dated 28.9.2007 for the Block period ending on 17.10.2010. .....

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d circumstances of the case, the Hon'ble ITAT was justified in law in holding the decision of ld. CIT (A) in deleting the undisclosed income of ₹ 43, 63, 821/- being unexplained investment in purchase of land holding that the assessee discharged the onus to prove the source of investment without appreciating that the assessee had failed to produce principal officer of M/s City Developers Ltd. from whom the money was alleged to be taken. Merely filing confirmation letter or that the amo .....

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assessment proceedings in the case of M/s Shilpi Builders Ltd., various documents seized, revealed that M/s Mahavir Sahkari Awas Samiti invested in several plots of lands as per Annexure-SBPL 46 and SBPL 10 to 23. Notice u/S 158BC read with Section 158BC was issued on 26.03.2004 and the assessee company, in compliance to the said notice, filed its return of income on 21.06.2005 in form No.2B declaring income NIL. The assessment was completed on 30.03.2006, after making the addition of ₹ 43 .....

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#8377; 40,92,000/- and the payment has been made out of bank account of the company and the amount was arranged by M/s City Developers Pvt. Ltd., Kolkata. It was also stated that Shri Sunil Khatri was the secretary of this society formed on 01.04.1992 and no return of income had been filed. Accordingly, the A.O. came to the conclusion that the assessee has failed to produce the books of account and to discharge the onus to substantiate its claim that M/s City Developers Pvt. Ltd., Kolkata had pr .....

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ts have been received in the bank account of M/s City Developers Pvt. Ltd., Kolkata from whom the assessee company had received the cheques and deposited in its bank account opened in Canara Bank, The Mall, Kanpur and whatever amount was advanced by them to the appellant company, the same amount had been deposited in its bank account a day or two before, by clearing. The A.O. accordingly vide his letters dated 13.09.2006, 21.09.2006 and 25.09.2006 requested the Branch Manager, Canara Bank, The M .....

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it is apparent that money had been given by M/s City Developers Pvt. Ltd., Kolkata to the appellant for which an opportunity was given, by way of remand report to verify this aspect but because of gap of 12 years this enquiry could not be made. In such a situation, it cannot be said that the amount taken from M/s City Developers Pvt. Ltd. was infact the undisclosed income of the assessee which has been routed through the bank account of this company. Against the order of Learned CIT(A), departme .....

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ts source of funds from M/s City Developers Pvt. Ltd., Kolkata. The required documents could not be produced on account of theft in the office of assessee in confirmation of which the assessee had filed the cutting of newspaper. The assessee had pointed out that the investment in purchase of land had been made by M/s City Developers Pvt. Ltd. It is not disputed that M/s City Developers Pvt. Ltd. were interested in getting this project properly executed, therefore, it can reasonably be concluded .....

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