TMI Blog2017 (7) TMI 1338X X X X Extracts X X X X X X X X Extracts X X X X ..... on Bench as well as independently applying the mind, we do not find any infirmity, impropriety and illegality in the order passed by the Ld. CIT(A), therefore, it does not require to be interfered with. - Decided against revenue - I.T.A. No. 533(Asr)/2016 - - - Dated:- 31-7-2017 - Sh.T.S. Kapoor, Accountant Member And Sh.N.K.Choudhry, Judicial Member Appellant by : Sh. Dharam Singh (Ld. DR) Respondent by: Sh. Ashwani Kalia (Ld. CA) ORDER N. K. Choudhry: The instant appeal filed by the Revenue Department, feeling aggrieved against the order dated 26th July, 2016 passed by the Ld. CIT(A)-2, Amritsar in Appeal No.34/2014-15, U/s 250(6) of the I.T. Act. 2. The Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t all. It is to specifically dissuade people from making large transactions in cash that section 40A(3) was enacted. Therefore, in the present case this section is squarely applicable. Accordingly the profit from the sale of land is computed as under: Profit as declared by the Assessee 51,04,500/- Add: Disallowance U/s 40A(3) 1,56,87,000/- ____________ Assessed Profit from sale of Land as per 2,07,91,500/- Provisions of Chapter IV D of I.T. Act 1961 4. Feeling aggrieved against the order passed by the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hrough with the facts and circumstances of the case as it is clear from the facts of the case that the assessee had not made any cash payment to the land owners directly and the sale deed have been executed between the land owners and the purchasers directly as it reflects from the conveyance deeds. Further, the assessee did not make any purchase of land in the controversy and even otherwise in the assessee s case qua A.Y.201011 was dealt with by the Co-ordination Bench of ITAT, Amritsar, whereby deleted the addition as disallowed under the said provision. Finally, considering the over all facts, conclusion and effects of the order passed by the Co-ordination Bench as well as independently applying the mind, we do not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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