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2012 (10) TMI 95 - JHARKHAND HIGH COURTUnexplained investment - CIT(A) deleted the addition - Held that:- Because of the mention of the name of one Mithlesh Singh found on document seized during search it was presumed that there must be some contract for the purchase of property from Mithlesh Singh and against that the said amount of Rs.36,00,000/- has been paid by the assessee. The very foundation of this assumption is the name of Mithlesh Singh on the paper seized, but apart from this there is no fact on record nor any inquiry was held by the AO to find out any transaction that in fact there was any transaction with Mithlesh Singh, relating to the immovable property for a consideration of Rs. 52,00,000/- as has been presumed by the AO in its order as well as in the questionnaire given to the assessee. This presumption cannot be held to be proper in any manner without there being any further inquiry or material on record - in favour of assessee.
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