Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (11) TMI 1142 - ITAT MUMBAIUnexplained Investment - appellant has paid “On-Money" - Discharge of onus - HELD THAT:- On money payment added in the hand of the assessee is not based upon any incriminating material found from the assessee or his premises. It is also not the case that any material in assessee or its staff handwriting has been found. It is also not the case that revenue has gotten the value of said premises independently valued to support the case of value more than that reflected in books. Assessee’s plea of crossexamination has also been rejected. It is settled law that in allegation of on many payment , revenue is required to prove the case with convincing material. This proposition is supported by Hon’ble Supreme Court in the case of K. P. Varghese [981 (9) TMI 1 - SUPREME COURT] and Kalyansundaram [2007 (9) TMI 25 - SUPREME COURT] Here revenue has failed to discharge the onus. In the present case the addition is not sustainable. Hence, set aside the order of authorities below and decide the issue in favour of the assessee.
|