https://www.taxtmi.com/caselaws?id=457101 ITAT upheld CIT(A)'s decision restricting addition under section 69 to brokerage income of 2% instead of treating it as land transaction. Seized documents from third party showed assessee as purchaser with advance payment details, but CIT(A) found the transaction was never executed and no evidence proved actual land sale. CIT(A) estimated Rs. 4,44,961 addition as brokerage on Rs. 2.22 crores transaction value, granting substantial relief. ITAT dismissed revenue's appeal, noting lack of investigation into assessee's direct involvement and absence of statements proving ultimate sale completion. en-us Thu, 31 Aug 2023 00:00:00 +0530 Thu, 05 Sep 2024 21:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457101 ITAT upheld CIT(A)'s decision restricting addition under section 69 to brokerage income of 2% instead of treating it as land transaction. Seized documents from third party showed assessee as purchaser with advance payment details, but CIT(A) found the transaction was never executed and no evidence proved actual land sale. CIT(A) estimated Rs. 4,44,961 addition as brokerage on Rs. 2.22 crores transaction value, granting substantial relief. ITAT dismissed revenue's appeal, noting lack of investigation into assessee's direct involvement and absence of statements proving ultimate sale completion. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457101