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2022 (6) TMI 683 - AT - Income TaxUnexplained expenditure - Addition on the basis of contents of the seized document - amount as unexplained and invoking section 69C - HELD THAT:- The impounded material reflects receipts and payments and the assessee has already paid the difference of the amounts to taxation after going through the entire set of papers. The property 62/1, Ajmal Khan Park has been purchased on 08.11.2012 whereas the notings reflect 04.12.2012. The transaction of purchase of the said property has culminated on 08.11.2012. Hence, the probability of any payment post, purchase of a property is also ruled out. The assessee has offered to tax the amount on account of the payments A/c and receipts A/c Assessing Officer shall have the basis for assuming that the assessee has not disclosed the income for taxation. Reliance was also placed on the decision of Hon'ble Supreme Court in the case of CBI Vs. V.C. Shukla [1998 (3) TMI 675 - SUPREME COURT - In the case of ACIT Vs. Sharad Chaudhary [2014 (8) TMI 309 - ITAT DELHI] it was held that the loose paper found on standalone could not be used as a basis for making the addition without the company of any other supportive material and evidence, more so when the contents were not interlinked. Hence, keeping in view the fact that the assessee has offered the amounts mentioned on the impounded material which has been accepted by the revenue and also keeping in view that revenue has not brought anything on record to prove that the assessee is liable to pay the taxes more than what has been already disclosed and also keeping in view the fact that the transactions of Ajmal Khan Park, 62/1 stands culminated, we hereby direct that the addition made be deleted. - Decided in favour of assessee.
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