Where assessee-broker was initially purchasing land in name of his associate and then transferring same to investor, no addition could be made on account of undisclosed investment

IT: Where assessee-broker was initially purchasing land in name of his associate and then transferring same to investor, no addition could be made on account of undisclosed investment
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[2014] 49 taxmann.com 189 (Jaipur - Trib.)
IN THE ITAT JAIPUR BENCH
Gaurav Kumar Sharma
v.
Assistant Commissioner of Income-tax*
HARI OM MARATHA, JUDICIAL MEMBER
AND N.K. Saini, ACCOUNTANT MEMBER
IT Appeal Nos. 366 to 368 (JP.) of 2013
[ASSESSMENT YEARS 2007-08 TO 2009-10]
JANUARY  31, 2014
Section 69B of the Income-tax Act, 1961 - Undisclosed investments (Immovable property) - Assessment years 2007-08 to 2009-10 - In search, an agreement was found between company 'M' belonging to one 'RK' and company of assessee which showed that assessee was acting as a broker in acquiring land for company 'M' - Land purchased in name of assessee's associate 'S' was transferred to a nominee of 'RK' - Whether ignoring fact that company 'M' had made investment in impugned land, no addition could be made in hands of assessee-broker - Held, yes [Paras 5.2 and 5.3][In favour of assessee]