2023 (5) TMI 843 - AT - Income Tax

Long term capital gain - reliance on unsigned computerized Satakhat (agreement for sale) found during course of survey in premiss of third party lawyer - HELD THAT:- We find merit in the submission made by assessee that AO made addition on the basis of third-party information neither the AO made investigation on fact from purchasers nor copy of such satakat was provided to assessee nor the person from whose possession the document was recovered was examined during the re-assessment proceedings.

There was no corroborative and supporting evidence to support the alleged incriminating material found at the business premises of Vasudev Goplani, Advocate. In absence of corroborative and supporting evidence, no justification for making addition on account of long term capital gains. Appeal of assessee allowed.