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| The Tax Publishers2020 TaxPub(DT) 3684 (Del-Trib) INCOME TAX ACT, 1961
Section 69
Addtion on account of unexplained investment alleging that purchase consideration was less than possible/probable market value of land and assessee should have made on-money payment could not be sustained merely on the basis of presumption as there was no evidence to substantiate that any amount more than what had been recorded in the sale deed was paid by assessee.
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Income from undisclosed sources - Addition under section 69 - Investment in purchase of land - No evidence to substantiate that any amount more than what had been recorded in the sale deed was paid by assessee
Assessee company purchased land for Rs. 55,44,800 including stamp duty and registration charges of Rs. 7,06,705. AO made addition on account of unexplained investment alleging that purchase consideration was less than possible/probable market value of land and assessee should have made on-money payment. Held: From perusal of assessment order it was apparent that AO had not brought any evidence to substantiate that any amount more than what had been recorded in the sale deed was paid by assessee and in the absence of any such evidence, no addition could be made merely on the basis of presumption.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2008-09 & 2009-10
INCOME TAX ACT, 1961
Section 36(1)(iii)
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