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2017 (1) TMI 1191 - GUJARAT HIGH COURT

2017 (1) TMI 1191 - GUJARAT HIGH COURT - TMI - Addition u/s 69 made on account of investment in purchase of land - Held that:- It has come on record that said Mr.Hemendra Ahsh purchased the land situated at Adalaj from power of attorney holder of the original land owners Mr.Gandaji Thakore and others and thereafter said Mr.Hemendra Shah sold the said land to the assessee. There is no iota of evidence on record to suggest that the assessee paid ₹ 2.10 Crores to said Mr.Hemendra Shah. Sole .....

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he A.O. on account of investment in purchase of land at Adalaj of ₹ 74,50,000/-. No substantial question of law arise as proposed. - TAX APPEAL NO. 898 of 2016 With TAX APPEAL NO. 904 of 2016 - Dated:- 12-1-2017 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MR M.R. BHATT, SENIOR ADVOCATE with MRS MAUNA M BHATT, ADVOCATE FOR TH EOPPONENT : MR SN DIVATIA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1.00. As common question of law and facts arise in both these .....

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roposed substantial question of law :- Whether the Appellate Tribunal has erred in law and on facts in deleting the addition made on account of investment in purchase of land at Adalaj of ₹ 74,50,000/-? 2.01. Feeling aggrieved and dissatisfied with the impugned order passed by the learned tribunal in ITA No.291/AHD/2012 for A.Y. 2008-09 with respect to another assessee but co-purchaser, revenue has preferred Tax Appeal No.904 of 2016 with the following proposed question of law :- Whether t .....

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on 16/12/2010 determining total income at ₹ 2,00,31,830/- making after following additions :- (1) Investment in purchase of land at Adalaj Rs.74,50,000/- (2) Disallowance of interest Rs.73,05,794/- (3) Disallowance u/s.14A of the Act Rs.06,73,251/- 3.02. Feeling aggrieved by the order of assessment, more particularly making addition of ₹ 74,50,000/-, made on account of investment in purchase of land at Adalaj, assessee preferred appeal before the learned CIT(A). 3.03. The assessee a .....

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7; 24,30,996/- 3.05. Aggrieved with the order passed by the learned CIT(A), both revenue and assessee filed appeal before the learned appellate tribunal. 3.06. That the learned appellate tribunal vide order dated 26/2/2016 allowed the appeal of the assessee and directed the A.O. to delete addition of ₹ 48,74,798/- made on account of disallowance of interest expenses. The learned tribunal dismissed the appeal preferred by the revenue against the order passed by the learned CIT(A) deleting a .....

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of the very land situated at Adalaj, which is subject matter of Tax Appeal No.904 of 2016. 4.00. Mr.M.R. Bhatt, learned Senior Advocate appearing on behalf of the revenue has vehemently submitted that the learned tribunal has materially erred in deleting addition of ₹ 74,50,000/- made by the A.O. on account of investment in purchase of land at Adalaj. It is submitted that the original owner - Mr.Gandaji Thakore has made a categorical statement before the A.O. that he has received ₹ .....

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ed that the A.O. has rightly concluded that the assessee had, in fact, jointly paid ₹ 2.10 Crores to the original land owners - Mr.Gandaji Thakore and others for purchasing the land vide registered sale deed dated 8/7/2007, and the assessee has also shown his one half share of ₹ 32,32,825 in the balance sheet. It is submitted that therefore, the learned tribunal has materially erred in deleting addition made on account of investment in purchase of land at Adalaj of ₹ 74,50,000/ .....

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said original land owners - Mr.Gandaji Thakore and others, the land situated at Adalaj has been sold to one Mr.Champavat in the year 2008. It is submitted that as such the assessee purchased the land situated at Adalaj vide registered sale deed dated 8/10/2007, which was executed by the power of attorney - one Mr.Abbasbhai, who sold the same in favour of one Mr.Hemendra Shah and from whom the assessee purchased the same. It is submitted that therefore, considering the statement of land owners - .....

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hese appeals. 6.00. Heard the learned advocates appearing on behalf of the respective parties at length. 6.01. At the outset, it is required to be made that the A.O. made addition on account of investment in purchase of land at Adalaj of ₹ 74,50,000/- solely on the basis of statements of original land owners - Mr.Gandaji Thakore and others. However, it is required to be noted that on considering the statements of the said of original land owners - Mr.Gandaji Thakore and others, which Mr.Bh .....

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