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TMI Blog2017 (7) TMI 1338X X X X Extracts X X X X X X X X Extracts X X X X ..... y, considering the over all facts, conclusion and effects of the order passed by the Co-ordination Bench as well as independently applying the mind, we do not find any infirmity, impropriety and illegality in the order passed by the Ld. CIT(A), therefore, it does not require to be interfered with. - Decided against revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... actions in cash that section 40A(3) was enacted. Therefore, in the present case this section is squarely applicable. Accordingly the profit from the sale of land is computed as under: Profit as declared by the Assessee 51,04,500/- Add: Disallowance U/s 40A(3) 1,56,87,000/- ____________ Assessed Profit from sale of Land as per 2,07,91,500/- Provisions of Chapter IV D of I.T. Act 1961" 4. Feeling aggrieved against the order passed by the Assessing Officer, the assessee preferred the first appeal before the ITAT, Amritsar Bench in ITA No.478(Asr)/2014 in the assessee's own case deleted the disallowance of ₹ 1,56,87,500/- by holding as under: "With regard to the disallowance of ₹ 1,56,87,000/- U/s 40A(3) of the I.T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee did not make any purchase of land in the controversy and even otherwise in the assessee's case qua A.Y.201011 was dealt with by the Co-ordination Bench of ITAT, Amritsar, whereby deleted the addition as disallowed under the said provision.
Finally, considering the over all facts, conclusion and effects of the order passed by the Co-ordination Bench as well as independently applying the mind, we do not find any infirmity, impropriety and illegality in the order passed by the Ld. CIT(A), therefore, it does not require to be interfered with.
Hence, the appeal of the Revenue stands dismissed.
6. In the result, the appeal filed by the Revenue is dismissed.
Order pronounced in the open Court on 31.07.2017. X X X X Extracts X X X X X X X X Extracts X X X X
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