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TMI Blog2021 (10) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... rse of hearing seeks to reverse both the lower authorities' action disallowing his claim of Rs. 72 lakhs to have been "paid to the farmers/vendors"; in the course of assessment dt. 30-12-2010 and affirmed in the CIT(A)'s lower appellate order reading as under: "5.5 Coming to the issue of receipt of Rs. 90,00,000/- and payment of Rs. 72,00,000/- to the purported claimants as land owners, it may be relevant to observe that though it has been confirmed by the 4 companies/parties that the amounts that were paid to assessee were represented the amounts towards getting physical possession of lands, but it was not elaborated as to the details of lands, the transactions and the names of the parties, intended to be paid with the amounts. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceipts and Payments Account' prepared for the period 01.04.2007 to 31.03.2008, indicate the payments of Rs. 30,00,000/- on 07.04.2007, from M/s. Miti Green lands Pvt. Ltd., Rs. 35,00,000/- 02.05.2007 from M/s. Rangeeth Agro Farms Pvt. Ltd., Rs. 12,50,000/- on 15.06.2007 from Nagagiri Agro Farms Pvt. Ltd. and Rs. 12,50,000/- on 15.06.2007 from M/s. Panchapadl Agro Farms Pvt. Ltd., as 'Development Charges', but not as charges for physical possession of lands. Considering all these facts, it is reasonable to hold the amounts of Rs. 90,00,000/received by the assessee, credited through the bank accounts, certainly represented business receipts for the assessee. Having treated the amounts as business receipts, the onus was on the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel stated that the assessee's foregoing hard disk and documentary evidence(s) sufficiently prove his case to have obtained the money(ies) in question from various companies to be passed on to the vendors concerned. He emphasised that the foregoing hard disk duly contains the photographs of the vendors as well. He lastly pinpointed that the department had taken time on 12-06-2018 for verification of the foregoing hard disk and therefore, instant issue deserves to be decided in assessee's favour on account of no remand report coming from the latter's side. 4. Mr. Mujumdar had strongly supported the impugned disallowance made in both the lower proceedings. 5. We have given our thoughtful consideration to rival pleading ..... X X X X Extracts X X X X X X X X Extracts X X X X
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