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2007 (7) TMI 267 - HC - Income Tax
Addition made on account of ‘on money’ receipt - 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