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2021 (5) TMI 688 - ITAT HYDERABADUndisclosed investment - Addition u/s 69 treating the same as ‘income from other sources’ - survey u/s 133A - addition based on loose documents found - CIT(A) confirmed the addition made by the AO by holding that the evidence is compelling that the land deal was actually done by the assessee and the on money was also paid by the assessee and only the name of M/s SMV agencies was placed - HELD THAT:- In the case under consideration, the AO has relied on only dumb documents, which are not having any evidentiary value as per the ratio laid down in the said judgment. The registered sale deed pertaining to the land purchase is not in the name of the assessee, but, the AO alleged that the name on the sale deed is wrongly mentioned as M/s SMV Agencies Pvt. Ltd., the observations of the Assessing Officer are not believable/ acceptable as there is no material brought on record to establish the same by the AO. We observe that the AO failed to discharge his duty by making the addition without undertaking any independent enquiry as to whether the property belonged to assessee or M/s SMV Agencies, he could have made an enquiry to establish that who is the owner of the land. He could have further enquired with the vendors regarding sale consideration. He failed to do so. We set aside the order of the CIT(A) and direct the AO to delete the addition made on this count. Accordingly, the ground raised by the assessee on this issue is allowed.
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