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2018 (5) TMI 1837 - AT - Income TaxSuppressed receipt on account of alleged ‘on money’ - Stamp Duty value is lower than the amount declared under sale - HELD THAT:- No enquiry is made from the purchaser of Gala No.10. In our view, the purchaser of Gala No.10 was a crucial witness on the basis of whose transaction, the difference/variation of sale price was added, to through any light, if any, “on money” was paid. No enquiry from other purchaser was carried out by Assessing Officer, though the assessee has furnished the details of all the purchasers. The onus to claim that apparent is not real is on one who so claims. When the AO requires the assessee to show-cause as to why there is difference between two purchasers and that the assessee offered explanation, no addition can be made simply discarding his explanation. There must be something concrete evidence to show that the version given by assessee is not correct. It is settled law that no addition can be made on hypothetical basis or presuming a higher sale price by simply rejecting the contention without cogent reason. Moreover, the higher rate of building No.3 was disclosed by assessee in his books of accounts, rather it was not discovered by the assessing officer. In our view the addition was made by assessing officer merely on assumption and presumption basis and without any evidence. - Decided in favour of assessee
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