Case Law Details
Vinay Gupta v. ACIT (ITAT Delhi)
Conclusion: Addition under section 69B of unaccounted money invested in purchase of land by assessee by paying in cash to sellers of land was justified as assessee-purchaser had no evidence to controvert the same.
Held:
During the course of search, AO found that assessee had shown purchase of a plot of land at Rs. 49 lakhs whereas the statements of the sellers and the brokers established the fact that the land was purchased by assessee @ R.24.5 lacs per acre for a total consideration of Rs.3,01,96,250/-. AO had brought the difference amount to tax as unaccounted money and made an addition to income of assessee. It was held in respect of the evidence on record, AO relied upon the piece of paper containing some calculations and the name “Bishan”, and all these papers were filed along with the remand report dated 25th February, 2011 copies of which were furnished to assessee also. The sums mentioned therein tallied with the contents of the statements as well as the bank statements of the sellers. The statements of the sellers were confirmed by the brokers and the events and facts were confirming each other. In the circumstances, Revenue did the best it could do to find out the truth and assessee denied himself an opportunity to wriggle himself out of the situation and such a conduct only showed that he had no good defence. Thus, the unaccounted money of Rs. 2,58,24,044/- was paid by assessee in cash to the sellers and such an amount was taxable in the hands of assessee.
FULL TEXT OF THE ITAT JUDGEMENT
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