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| The Tax Publishers2019 TaxPub(DT) 5902 (Mum-Trib) INCOME TAX ACT, 1961
section 143(3).
AO did not bring any material on record to prove that assessee had indeed received on money. In fact, AO had not even bothered to make any examination to understand the truth in the matter. Hence, entire addition made merely on suspicion , surmise and conjecture and not backed by any material evidences could not be sustained.
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Assessment - Addition to income - AO alleging receipt fo on money-on sale of flats - No material evidence brought on record by AO
Assessee a Builder and Developer sold certain flats. AO took the view that assessee a Builder and Developer sold certain flats. AO took the view that by way of understatement of sale price of the flat assessee had received on-money on sale of flat and accordingly, AO made addition.Held: AO did not bring any material on record to prove that assessee had indeed received on money. In fact, AO had not even bothered to make any examination to understand the truth in the matter. Hence, entire addition made merely on suspicion , surmise and conjecture and not backed by any material evidences could not be sustained.
Relied:K.P. Varghese v. ITO (1981) 131 ITR 597 (SC) : 1981 TaxPub(DT) 972 (SC) and CIT v. Sati Oil Udyog (2015) 56 Taxmann.com 285 (SC) : 2015 TaxPub(DT) 1392 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11 & 2011-12
INCOME TAX ACT, 1961
Section 145
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