TMI Blog2020 (12) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... al land is the issue. It is also a fact that mediator is arranged repayment of the amount. By considering the facts and circumstances of the case, in our opinion, the addition made by the Assessing Officer and confirmed by the ld. CIT(A) is not correct and we delete the addition - Decided in favour of assessee. - I.T.A. No. 243/VIZ/2019 - - - Dated:- 10-6-2020 - Shri V. Durga Rao, Hon ble Judicial Member And Shri D.S. Sunder Singh, Hon ble Accountant Member For the Assessee : Shri G.V.N. Hari, Advocate For the Department : Smt. Suman Malik, Sr.DR ORDER PER V. DURGA RAO, JUDICIAL MEMBER This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-1, Visakhapatnam, dated 29/01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce . When the Assessing Officer asked the assessee in respect of the above land advance, a detailed submission was made, which is reproduced as under:- I submit that I have given an amount of ₹ 20 lakhs for the acquisition of agricultural lands from 3 farmers through one advocate by name Mr.Badarinarayana Panigrahi of Orissa a transaction took place In the presence of the said advocate and the transaction was routed through Mr. Panigrahi negotiated with the local farmers of the Orissa. During the regular assessment proceedings of my case for the financial year 2007-08 relevant to the assessment year 2008-9, the assessing officer directed me to furnish a confirmation from the said advocate to support the payment of ₹ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ans that he has arranged the return of amount from the farmers to whom the assessee had earlier paid. Therefore, the Assessing Officer is of the opinion that assessee has failed to discharge the burden by showing the identity of the person and capacity of such person and genuineness of the transaction. Accordingly, addition was made. 5. On appeal, ld. CIT(A) confirmed the order of the Assessing Officer. 6. On being aggrieved assessee carried the matter in appeal before the tribunal. 7. Before us, ld. counsel for the assessee has pointed out from the paper book page No.13 that balance sheet as on 31/01/2008, under the head details of deposits , land advance is specifically mentioned as ₹ 20.00 lakhs. He also pointed out from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 lakhs, on 08/02/2008 ₹ 8.00 lakhs and on 04/03/2008 ₹ 6.00 lakhs, total amounting to ₹ 20.00 lakhs. To that effect, he filed a confirmation wherein he specifically mentioned that the lands originally belonging to the SCs STs and later on purchased by the present owners which is not regularised, that apart the assessee has already shown in his balance sheet in respect of the land advance of ₹ 20.00 lakhs. By considering all these facts, we have come to a conclusion that the transaction is a genuine transaction and the amount is arranged by the mediator-Mr.Badarinarayana Panigrahi. Though the names of the land owners who wanted to sale the land not mentioned, but the fact remains that Mr.Badarinarayana Panigr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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