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2015 (7) TMI 1253 - AT - Income TaxEstimation of Annual Letting Value (ALV) of the vacant flats at Central Garden Complex - Held that:- As decided in case of father of the assessee Sh. Anand jain [2015 (4) TMI 1218 - ITAT MUMBAI] as directed that the ALV be computed as per the municipal rateable value as deemed income from house property. Addition u/s 69B - addition on the basis of loose paper found in search - expenditure on the purchase of land more than that was recorded in the books of account - Held that:- As held by the Tribunal in the case of Anand Jain (supra) and as also in the cases of another group companies (supra), that the said loose paper 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. More over the explanation given by the assessee has been straightaway rejected by the AO. 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 also under section 69B of the Act are not warranted
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