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2018 (5) TMI 1930 - AT - Income TaxUnexplained cash amount paid for purchase of office/ flat based on material found during the search on Hiranandani group of cases - Genesis of the conclusion of AO was that the assessee has paid on money for purchase of property under consideration was based on contents of pen drive which was seized from the residence of an ex e-employee of the Hiranandani group of cases - HELD THAT:- As decided in SHRI. ANIL JAGGI case [2018 (2) TMI 51 - ITAT MUMBAI] material relied upon by the lower authorities does not corroborate the adverse inferences drawn as regards the investment made by the assessee, therefore, the same cannot conclusively form a basis for concluding that the assessee had made payment of "on money" for purchase of the property under consideration. We thus in the backdrop of our aforesaid observations are of the considered view that the adverse inferences drawn by the A.O as regards payment of "on money" by the assessee for purchase of Flat are based on of premature observations of the A.O, which in the absence of any clinching evidence cannot be sustained. We thus are unable to subscribe to the view of the lower authorities and set aside the order of the CIT (A) sustaining the addition in the hands of the assessee - Decided in favour of assessee.
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