9911796707
TMI Blog2016 (1) TMI 1514X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks i.e. bills etc. being disowned by the assessee and the Authority resorting to best judgment assessment. This is not a case of not a best judgment assessment and wherever documents indicate that there was some additional consideration received by the respondent assessee, the same was offered to tax. However, in the absence of any evidence merely on the basis of suspicion, it is not open to add any amount as income. Revenue, was unable to explain the basis on which only the consideration received in respect of 37 flats was added to the extent of Rs. 500/- per sq.ft. and not in respect of certain other flats when there was no evidence in both the above class of cases. No explanation is forthcoming nor found in the orders. Decided in favou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 2.24 crores. It is pertinent to note that the impugned order also records that in respect of some other flats, the Assessing Officer did not add any consideration to the price of the flats received on account of on money in the absence of any documents evidencing the receipt of on money. The Assessing Officer on the basis of the aforesaid exercise added a sum of Rs. 2.24 crores as the estimated undisclosed income of the respondent assessee for the subject assessment year. 4. In appeal, the Commissioner of Income Tax (Appeals) deleted the addition made on account of receipt of on money on sale of 37 flats. This on the ground that there was no evidence of receipt of on money in respect of the sale of 37 flats and thus not sustainable. 5. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicate that there was some additional consideration received by the respondent assessee, the same was offered to tax. However, in the absence of any evidence merely on the basis of suspicion, it is not open to add any amount as income. It is pertinent to note that the Counsel for the Revenue, was unable to explain the basis on which only the consideration received in respect of 37 flats was added to the extent of Rs. 500/- per sq.ft. and not in respect of certain other flats when there was no evidence in both the above class of cases. No explanation is forthcoming nor found in the orders. Thus, the impugned order is essentially a reiteration of finding of fact arrived at by the Commissioner of Income Tax (Appeals). 8. Therefore, in view of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
