TMI Blog2023 (10) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... en a finding that, even the sale deed of these land mentioned conversion of agriculture land to non-NA land the assessee having claimed to incur cost towards the same, he added the same to the cost of investment. The ld. DR was unable to convert this finding of the ld. CIT(A). Therefore, with regard to cost of purchase of four pieces of land taken by the ld. CIT(A) DR being unable to controvert the factual finding of the ld. CIT(A), we see no reason to interfere in the order of the ld. CIT(A). Deletion of addition, on account of one piece of land i.e. survey no. 1/2, the ld. CIT(A) has noted that there was no information with the AO with respect to the said piece of land; that even in the reasons recorded by the AO for reopening the case of the assessee, this land was not mentioned as investment made by the assessee, and even the assessee had claimed to have made no investment in this piece of land. The ld. DR was unable to demonstrate before us by way of documents or evidence, as to the basis with the AO for treating the assessee to have invested in this piece of land i.e. survey no. 1/2. No reason to interfere in the order of the ld. CIT(A) deleting the addition made on accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to Rs. 2,44,77,373/- and on account of short-term capital gain earned on sale of this land amounting to Rs. 3,90,72,307/- resulting in addition of Rs. 6,35,49,680/- being made to the income of the assessment. The impugned assessment was framed ex-parte under section 147 of the Act. 4. The assessee went in appeal before the ld. CIT(A), where he explained reasons for not appearing in the assessment proceedings, and further he filed evidence revealing the amount of investment made in the properties and also tried to explain the source of the same. The ld. CIT(A) forwarded all evidences to the AO for his comment, and after receiving counter comments of the assessee on the report of the AO, he proceeded to decide the issue in hand. He noted that the assessee had furnished all evidences for purchase of properties and taking note the value mentioned therein, he computed unexplained investment made by the assessee for the same. He noted, one of the properties alleged by the AO to have invested by the assessee, was without any basis and accordingly, he deleted the addition made on account of the same, and in the result, the addition made by the AO on account of unexplained investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee in the said property at Rs. 2,44,77,373/-. His basis being that with respect to the land at survey No. 198/3, 201/1, he had information from the Sub-Registrar, Gandhinagar regarding the cost at which they were purchased along with stamp duty and registration fees paid for the same. With regard to land at Survey No. 199/1 and 199/3, he had no such information, but noting that they were adjacent to survey No. 198/3, he estimated cost of land for Survey No. 199/1 and 199/3 on the basis of cost of land No. 198/3. With respect to the land at survey no. 1/2, the AO in his order mentions that he had information that the land was purchased for a consideration of Rs. 1 crore, and further expenditure on account of stamp duty of Rs. 12,46,500/- and registration fee of Rs. 1,00,200/- was incurred on the same. Thus, total value of the investment made in the aforesaid five pieces of land was arrived at Rs. 2,44,77,373/- as under: i) Land at survey No. 198/3 : Rs. 39,63,000/- ii) Land at Survey No. 201/1(both the above as per copy Of purchase/sale deed obtained from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crores, is at para 5.3 to 5.5 of the order. Further, his finding in relation to the land at Survey No. 1/2 whose value the AO taken at Rs. 1.13 crores, and which the ld. CIT(A) deleted, noting that there was no information with the AO regarding this land, is at para 5.6 of the order. 11. Before us, the grievance of the Revenue is, with respect to substituting the purchase cost of land taken by the AOwith respect to four piece of land with that shown by the assessee adding to it NA premium paid by the assessee and further deleting the addition made by the AO on account of one piece of land i.e. survey no. 1/2 of Rs. 1.13 crores. With respect to factual finding of the ld. CIT(A) relating to the cost of purchase of 4 pieces of land, gathered from the registered sale deed of the said land, furnished by the assessee to the ld. CIT(A), we find they were verified by the AO in remand proceedings. He had no adverse comments to make with respect to the same, and even before us, the ld. DR was unable controvert the factual finding of the ld. CIT(A) in this behalf. There remains, therefore, we hold, no grievance of the Revenue with respect to the cost of four pieces of land taken at the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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