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2015 (4) TMI 1218 - AT - Income TaxInvocation of provisions of section 69B - expenditure on the purchase of land more than that was recorded in the books of account - addition on entries in the loose paper found during the search action - Held that:- There was no evidence that any extra cash other than the sale consideration as recorded in the deed had changed hands. No statement of the sellers of the land had been recorded. No other corroborative evidence has been produced on the file by the Revenue Authorities to substantiate their allegation. The addition in this case has been made on the basis of the entries in the loose paper found during the search action, which at the most can be considered to have raised a suspicion about the transfer of money other than the sale consideration, but the suspicion itself and solely cannot be held to be a justifiable ground for making the additions, especially in the absence of any corroborative evidence. Except the loose papers in question no evidence, what to say of any direct or corroborative evidence, even no circumstantial evidence has been detected or brought on record by the Revenue. Hence, the additions solely on the basis of suspicion, how strong it may be, in our view, are not sustainable in the eyes of law. Additions in this case under section 69B of the Act are not warranted. - Decided in favour of assessee. Estimation of Annual Letting Value (ALV) of the vacant flats at Central Garden Complex - Held that:- ALV be computed as per the municipal rateable value as deemed income from house property. See case of Shri Anil Kashiprasad Murarka vs. ACIT [2014 (12) TMI 1304 - ITAT MUMBAI]
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