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2016 (6) TMI 520 - AT - Income TaxAddition on account of income from undisclosed sources - Held that:- We find that the payments have been made as per Collaboration Agreement and ledger account shows the amount of ₹ 21 lacs paid to the owner Sh. Hanwantbir Singh and the copy of construction account of the property No. C-550, Defence Colony, New Delhi in the books of M/s IG Builders and Promoters Pvt. Ltd. The assessee has not purchased this property directly from the owner but has only entered into collaboration agreement for construction of said property and thereby became the owner of 2nd floor and terrace on the 2nd floor of the said property C-550, Defence Colony, New Delhi. As the entire construction cost and amount of ₹ 21 lacs paid to the owner of the said property have been duly reflected in the books of accounts of the assessee. Therefore, Ld. CIT(A) has rightly held that AO was not justified in making the addition of ₹ 91 lacs as income from undisclosed sources and accordingly deleted the addition.
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