Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 295 - AT - Income TaxAddition on account of receipt of alleged “on money” consideration at the time of sale of the property - HELD THAT:- We find that the conclusions reached by the Assessing Officer are merely based on presumptions and assumptions without bringing corroborative material on record. It is settled position of law that no addition in the assessment can be made merely based on assumptions, suspicion, guess work and conjuncture or on irrelevant inadmissible material. CIT(A) had merely confirmed the assessment order without looking into the substance of the terms and conditions entered between the appellant and SPPL, confirmed addition merely based on the uncorroborated notings on assumptions and conjuctures. The lower authorities had failed to note that the notings does not clearly indicate that the amount was paid only to the appellant herein. The orders of both the Assessing Officer and ld.CIT(A) were set aside and directed the Assessing Officer to deleted the addition. - Decided in favour of assessee.
|