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of <h1>Tribunal Upholds Decision on Income Tax Appeal, Reduces Unexplained Investment & Capital Gains</h1> <h3>ITO, Ward-2 Gandhinagar. Versus Shri Jakshibhai Dahyabhai Bharvad</h3> ITO, Ward-2 Gandhinagar. Versus Shri Jakshibhai Dahyabhai Bharvad - TMI Issues involved: Appeal by Revenue against order passed by Ld. Commissioner of Income-Tax(A) under section 250(6) of the Income Tax Act, 1961 for Assessment Year 2012-13.Issue 1 - Unexplained Investment in Land:- Assessment framed under section 147 of the Act.- Addition made on account of unexplained source of investment in land.- Ld. CIT(A) restricted addition from Rs. 2,44,77,373/- to Rs. 1,95,52,180/-.- Relief granted based on evidence provided by the assessee.- Revenue appealed against the relief granted by Ld. CIT(A).Issue 2 - Short-term Capital Gain:- Addition made on account of short-term capital gain earned on sale of land.- AO assessed gain at Rs. 3,90,72,307/-.- Ld. CIT(A) reduced gain to Rs. 2,73,44,720/- based on actual investment made by the assessee.- Revenue challenged the reduction in short-term capital gain.Judgment Summary:- The Revenue appealed against the relief granted by Ld. CIT(A) on unexplained investment and short-term capital gain issues.- The AO computed unexplained investments in five pieces of land totaling Rs. 2,44,77,373/-.- Ld. CIT(A) reduced the investment to Rs. 1,95,52,180/- based on verified purchase deeds.- The addition on one piece of land was deleted as there was no basis for the investment.- The cost of acquisition of the lands was found to be Rs. 1,95,52,180/-.- Short-term capital gain was reduced to Rs. 2,73,44,720/- from Rs. 3,90,72,307/- by Ld. CIT(A) based on the revised investment amount.- The Tribunal upheld Ld. CIT(A)'s decision on both issues, dismissing the Revenue's appeal.This summary highlights the issues of unexplained investment in land and short-term capital gain, detailing the assessment, relief granted by Ld. CIT(A), and the Tribunal's decision to uphold the Ld. CIT(A)'s findings.
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