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2022 (2) TMI 272 - AT - Income TaxAssessment u/s 153A - unexplained expenditure on account of cash payment made towards land - search and seizure operations U/s 132 wherein loose papers found and seized - HELD THAT:- In the case before us, except the said seized papers, no other corroborative evidence has been brought on record by the AO. Whereas the assessee has proved beyond doubt the fact that the said property is still in dispute. The seller also has denied of getting any further payment from the assessee before the AO. Hence we agree with the arguments of AR that no prudent businessman will give full money to the seller, if the property being purchased is in dispute. Considering the above mentioned facts and circumstances of the case, we are of the view that the addition made by the A.O. and upheld by the ld. CIT(A) on the basis of seized document is without any basis or foundation more particularly when no specific facts by virtue of documents have been placed on record and have not rebutted by the Revenue, thus, in this eventuality, no addition was warranted. Accordingly, we direct to delete the addition made by the A.O. and confirmed by the ld. CIT(A). - Decided in favour of assessee.
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