2022 (8) TMI 580

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....nce the issues raised in both the appeal and the cross objection are similar based on same identical facts, upon hearing and with the consent of both the parties, we proceed to hear both appeal and the cross objection together and pass a consolidated order for the sake of convenience. 3. Firstly, we take up appeal of the Revenue in ITA No. 853/PUN/2019 for A.Y. 2014-15 challenging the action of CIT(A) in deleting the addition of Rs. 72,92,856/- made on account of unexplained credit u/s 68 of the Income-tax Act, 1961 ['the Act']. 4. The brief facts relating to the issue on hand are that the assessee is an individual engaged in the activity of agriculture and trading in land. The assessee filed a return of income declaring total income ....

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....ments restricted the addition to the extent of Rs. 8,35,667/- i.e. Rs. 81,28,523/- (-) Rs. 72,92,856/-). Therefore, we find no infirmity in the reasons recorded by the CIT(A) from para 5.2 to 5.10 of the impugned order at page 17. Thus, the order of the CIT(A) is justified. Ground No. 1 raised by the Revenue is dismissed. 8. Ground No. 2 raised by the revenue against challenging the action of the CIT(A) in restricting the addition of Rs. 2,77,390/- against Rs. 1,92,52,000/- as made by the A.O. We note that the assessee entered into notarised agreement to sell in 2009-2010 and registered sale deed in the year under consideration i.e. F.Y. 2013-14 relating to A.Y. 2014-15. The case of the A.O is that the value of stamp duty of the subject ....