2020 (12) TMI 1108

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....ee are as under:- "1. The order of the ld. CIT(A) is contrary to the facts and also the law applicable to the facts of the case. 2. The ld. CIT(A) is not justified in sustaining the addition of Rs. 20,00,000/- made by the Assessing Officer u/s 68 of the Act by treating the land advances received back by the appellant as unexplained. 3. Any other ground that may be urged at the time of appeal hearing." 3. Ground Nos. 1 & 3 are general in nature, no adjudication is required therefore same are dismissed. The only ground for adjudication is ground No.2 relates to addition of Rs. 20.00 lakhs. 4. Facts of the case are that assessee is an individual engaged in running hospital in the name and style of M/s. Sagar Du....

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....ion filed during the regular assessment proceedings of 2008-09 was enclosed herewith for your immediate reference. The transaction could not be completed due to the reason mentioned in the confirmation given by the advocate and finally the amount of Rs. 20 lakhs was returned by the advocate to me on 31.12.2008. The said entries were clearly recorded in my books of accounts. The ledger account copy standing in my books of accounts for the assessment year 2008-09 and ledger account copy standing in my books of accounts for the assessment year 2009-2010 were enclosed herewith for your immediate reference. The said transactions were negotiated through the said advocate since he is acting as an intermediary as the local people cannot be....

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....n arranged the refund of the funds from the land owners to whom advance is given by the mediator and submitted that the payment is reflected in the balance sheet for the A.Y. 2008-09 and the mediator has also given confirmation by stating that funds are refunded to the assessee, under these circumstances, the addition confirmed by the ld. CIT(A) is not correct. 8. On the other hand, ld.DR relied on the orders of the authorities below. 9. We have heard both the sides, perused the material available on record and orders of the authorities below. 10. The assessee has given advance of Rs. 20.00 lakhs for acquisition of agricultural land from three farmers through Advocate by name Mr.Badarinarayana Panigrahi of Orissa. The above transac....