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2016 (7) TMI 569 - AT - Income TaxAddition u/s 69 - cash payment towards purchase of shop, over and above the price settled - whether the addition made on the basis of paper seized in the case of search on the Siddhi Group and not on the assessee and also on the basis of statement made by Shri Kantilal M Patel, the key person of Siddhi Group, is justifiable and in accordance with law - Held that:- In the absence of any incriminating documentary material/ evidence found against the assessee to prove that the alleged investment of ₹ 37 lakhs had been made by the assessee as on money, over and above, credited amount for purchase of the shop in question, find that the addition made by the AO and confirmed by the ld. CIT(A) is unsupported and unsustainable in law. The same is accordingly deleted - Decided in favour of assessee.
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