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2013 (8) TMI 247 - HC - Income TaxUndisclosed income - Receipt of on-money - Addition made on account of ‘on money’ receipt - Tribunal deleted addition - Held that:- amount mentioned along with rates per sq.ft. of different floors on the loose papers is in respect of an estimate asking for the loan from the bank - No other evidence has been shown to justify that these amounts were received from purchasers – it is not justified to conclude that assessee received on-money - CIT (Appeals) & ITAT were right in holding that on the basis of these loose papers, no addition can be made - Following decision of CIT vs. Maulikkumar K. Shah [2007 (7) TMI 267 - GUJARAT HIGH COURT], CIT vs. K. Bhuvanendran [2006 (12) TMI 127 - MADRAS HIGH COURT] and CIT vs. Balaji Wire Pvt. Ltd. [2007 (8) TMI 7 - HIGH COURT, NEW DELHI] - Decided against Revenue.
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