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TMI Blog2016 (5) TMI 799X X X X Extracts X X X X X X X X Extracts X X X X ..... w:- "i) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in upholding the order of CIT(A) in deleting the addition of Rs. 38,50,000/- made by the Assessing Officer on account of unexplained unsecured loans? ii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in upholding the order of CIT(A) in deleting the addition of Rs. 21,55,000/- made on account of unexplained investment in purchase of land? iii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in upholding the order of CIT(A) in deleting the addition of Rs. 24,10,000/- made on account of unexplained payment of stamp duty? iv) Whether on the facts and in the circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the appeal. Hence the instant appeal by the revenue. 3. We have heard learned counsel for the appellant-revenue. On the basis of substantial questions of law claimed by the revenue, the following four issues arise for our consideration in this appeal:- i) Addition on account of unexplained unsecured loans Rs. 38,50,000/-. ii) Under hand payments made for purchase of 7 kanal 17 marla land in Village Sunet Rs. 21,55,000/-. iii) Stamp duty paid Rs. 24,10,000/- iv) Unexplained cash deposit in OBC Rs. 1,30,000/- 4. Concurrent findings have been recorded by the CIT(A) and the Tribunal on appreciation of entire evidence on record on all the four issues. With regard to the first issue regarding deleting the addition of Rs. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has also furnished on record the confirmation of the aforesaid parties at pages 17 to 19 of the paper book. The addition was made by Assessing Officer for non furnishing of balance confirmation of loan creditors. In view thereof where the assessee has duly complied with the requisitions of the Assessing Officer, there is no merit in any disallowance. We confirm the order of CIT(A) and dismiss ground No.1 raised by the revenue." Learned counsel for the revenue could not demonstrate that the conclusion of the Tribunal was erroneous or perverse in any manner. 5. Taking up second addition with regard to Rs. 21,55,000/- on account of alleged unexplained payment for purchase of land, the Assessing Officer noticed that the purchase conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seller under section 133(6) of the Act which are placed at pages 20 to 22 of the paper book. The CIT(A) has observed that price of the land as mentioned in the sale deed and not the market price has been confirmed by the seller in response to the queries raised by the Assessing Officer directly to them. Further, there is no evidence of payment of any amount over and above the sale consideration recorded in the sale deed. In the absence of the same, we are in conformity with the order of the CIT(A) in deleting the addition of Rs. 21,55,000/-. In any case, the addition, if any, under the provisions of section 50C of the Income Tax Act are attracted in the hands of the seller and not in the hands of the purchaser." The approach of the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the source being established by the assessee. The assessee claims that the said stamp duty has been paid out of the cash available in its books of account. The learned DR for the revenue had not controverted the findings of the CIT(A). In the absence of any contrary findings, we are in conformity with the order of CIT(A) in deleting the addition of Rs. 24,10,000/-. The source of credit also stands explained being out of the unsecured loans raised by the assessee which in turn were looked into by the Assessing Officer that since the assessee has also explained the source of the cash in hand and established the availability of cash, we uphold the order of CIT(A) in deleting the addition of Rs. 24,10,000/-. The ground No.3 raised by the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,30,000/-. We are in conformity with the order of CIT(A) in view of the explanation of the assessee wherein a sum of Rs. 90,000/- has been received vide cheque from Shri Gulshan Arora, who in turn has confirmed the same. The balance Rs. 40,.000/- is claimed by the assessee to have been deposited in cash out of the cash available, which is evidenced by the entries in the cash book. In the absence of any contrary findings, we uphold the order of CIT(A) and dismiss the ground No.4 raised by the revenue." No perversity was demonstrated in the aforesaid findings on the basis of which it could be concluded that the said findings were unsustainable. 8. The findings recorded by the CIT(A) and the Tribunal are based on appreciation of entire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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