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2014 (1) TMI 843 - ITAT MUMBAIAddition made u/s 69 of the Act – Unexplained Investment – Held that:- It is beyond the purview of the lower authorities to suspect a transaction solely on the ground of adequacy/ inadequacy of consideration in the absence of any other corroborating evidence and thereby making any adverse inferences - the value as adopted by AO is based on the valuation determined by the stamp duty authorities while registering the agreement dated 07.10.2005 - The authorities below have done/confirmed the addition without bringing any positive material to hold that the investment in the flat in Ramgiri Paradise is made by the assessee out of his unexplained income - Mere suspicion without evidence on record cannot be basis for making an addition to income u/s 69 of the Act - The addition is entirely on a presumptive basis which is purely based on surmises - Thus, the addiction u/s 69 could not be made – Decided in favour of Assessee. Addition made u/s 68 of the Act – Unexplained cash credits – Bank deposits made – Held that:- During the assessment proceedings, the assessee has replied the query regarding source/explanation in respect of cash credits - By simply recording that the explanation given by the assessee is not acceptable as no corroborative evidence has been furnished to substantiate his claim, the addition is made by the AO – order set aside and the matter remitted back to the AO for fresh consideration – Decided in faovur of Assessee.
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