Law and Practice : Digital eBook
Research is most exciting & rewarding
Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (3) TMI AT This
Forgot password New User/ Regiser
2023 (3) TMI 777 - AT - Income Tax
Estimation of income - profit on unaccounted sales - incriminating material against the assessee AOP - CIT-A estimating the income at 12.5% basing on the unaccounted sales arrived at by the AO - main contention of the assessee is there is no evidence in the seized material did not contain any evidence to show that the assessee AOP had received sale consideration over and above the amount mentioned in the books of accounts - HELD THAT:- It is an admitted fact that the impugned document does not contain the name of the assessee AOP and there is no evidence to establish that the AOP had received on money beyond the sale consideration mentioned in the documents. It is also an admitted fact that the AO has not specified the assessment year and the incriminating evidence related to the assessment year.
During the course of search proceedings, the AOP premises were also searched, but they have not seized any incriminating material to establish that the assessee AOP has received sale consideration by way of on money beyond the sale consideration mentioned in the sale deed.
In this case, admittedly the AO has not examined the purchasers, to establish whether the purchasers have paid any on money beyond the sale consideration mentioned in the sale deed - revenue failed to establish that the assessee AOP had received sale consideration over and above the sale consideration mentioned in the books of accounts. CIT(A) is also erred in estimating the profit at 12.5% on the addition made by the AO in the absence of any incriminating material against the assessee AOP - Decided in favour of assessee.