The Principal Commissioner of Income-tax-2 v. Gopal Space Org. P. Ltd
|The Principal Commissioner of Income-tax-2
|Gopal Space Org. P. Ltd.
|HIGH COURT OF GUJARAT AT AHMEDABAD
|Date of Order
|unexplained investment • purchase of land
|The Revenue has proposed the following substantial question of law for the consideration of this Court : Whether the Appellate Tribunal had erred in law and on facts by upholding the decision of CIT(A) deleting the addition made by the Assessing Officer u/s 69 of the Act on account of unexplained investment made by the assessee in purchase of land Page 1 of 3 Downloaded on : Wed Sep 30 07:57:52 IST 2020 C/TAXAP/208/2020 ORDER The Tribunal, while dismissing the appeal filed by the Revenue and affirming the findings recorded by the CIT(A) in favour of the assessee, has held as under : The question before us is, whether there is any evidence available on the record proving conclusively that investment was made by the assessee, which has not been reflected in the books of accounts. CIT(A) has recorded a finding that in this year no payment was made by the assessee, and after looking into the chain of evidence flowing from different agreements, civil suits and ultimate resolution of the dispute, we are of the view that in this year, no asset came into existence in the name of the assessee, which requires to be shown in the books of accounts. AO has simply assumed certain facts, and assumed existence of unexplained asset which requires to be added under section 69 of the Act. Thus, there is a concurrent finding of fact recorded by the two authorities, namely the CIT(A) as well as the Appellate Tribunal, that there is no material on record to prove conclusively that the investment made by the assessee had not been shown in the books of accounts. In view of the concurrent findings of fact, the question proposed by the Revenue cannot be termed as a substantial question of law. Page 2 of 3 Downloaded on : Wed Sep 30 07:57:52 IST 2020 C/TAXAP/208/2020 ORDER In the result, this Appeal fails and is hereby dismissed.