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The Pr. Commissioner of Income Tax, Rohtak Versus Ram Kumar Duhan

2018 (2) TMI 981 - PUNJAB AND HARYANA HIGH COURT

Addition on account of investment from undisclosed source - assessee was unable to furnish any sustainable documentary evidence with regard to his contention of being a farmer and that the purchase consideration was out of his agricultural income though his returns did not reflect any agricultural income - ITAT deleted the addition - Held that:- Land in the name of the assessee and Shri Niwas Thakur was shown in the audited balance sheet of the Company. Shri Niwas Thakur filed an affidavit dated .....

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eived by the Company. The bank statement of the Company fortified the said fact. The assessment of the Company was framed vide order dated 08.11.2011 under Section 143 (3) of the Act. On analysing the above mentioned evidence and fact, the addition was deleted. - The question raised by the Revenue in the appeal is a question of fact and not a question of law, much less a substantial question of law. - Decided against revenue - I.T.A. No. 387 of 2015 - Dated:- 12-2-2018 - MR. S. J. VAZIFDAR, .....

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stion of law arises in this appeal :- Whether on the facts and circumstances of the case the Hon'ble ITAT has erred in law and facts in dismissing the appeal of the revenue and deleting the addition of ₹ 1,13,02,000/- made by the A.O. on account of investment from undisclosed sources by holding the same as explained ignoring the fact that the assessee was unable to furnish any sustainable documentary evidence with regard to his contention of being a farmer and that the purchase conside .....

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investment made to purchase land from undisclosed source of income. 4. The CIT (Appeals) allowed the assessee's appeal vide order dated 19.07.2012. The CIT (Appeals) took into consideration that transfer of land in favour of assessee was to facilitate conversion of agricultural land to non-agricultural land as per the State laws. The land though in the name of the assessee was shown in the balance sheet of the Company. The MOU entered between M/s KTC Developers Pvt. Ltd. (for short, Rs.the C .....

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r dated 17.02.2015. The order is based on an appreciation of the facts. It cannot be said to be perverse or irrational. The appeal therefore does not raise a substantial question of law. 6. The assessee filed the return during the relevant year declaring his income from the salary. The case was taken up for scrutiny. The AO had information that the assessee had purchased immovable property in Maharashtra and the sale deed was in the name of the assessee. The source of income was asked for. It wa .....

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nd in the name of a Company was only possible, if the land was in the name of at least of its two Directors who had farmer status. It was for this reason that some of the land in the name of Shri Niwas Thakur was transferred in the name of the assessee without any consideration. 7. Addition was made of undisclosed income invested in purchasing the land, considering the facts that the sale deed showed payment of full amount of consideration, in the revenue record the assessee was shown as an ulti .....

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