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2011 (2) TMI 760 - AT - Income TaxUnexplained Investments - source of purchase of land - Inspector's report/ valuation as per stamp valuation authority taken as basis - Held that:- There has to be reason for formation of belief and the reason should be such, from which prima facie it could be inferred that there is escapement of income. - There has to be live nexus between the reason and formation of belief regarding escapement of income. Merely because the stamp valuation authority has adopted certain valuation for payment of stamp duty, the same cannot be a basis to conclude regarding escapement of income in the hands of purchase particularly when no tangible material has been brought on record to suggest the escapement of income except the Inspector's report which cannot be basis for information of belief. - Decided in favor of the assessee.
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