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2019 (12) TMI 763 - ITAT MUMBAIAddition on account of alleged on–money received on sale of flats - HELD THAT:- Addition made by the Assessing Officer on account of on–money is purely on ad–hoc/estimate basis without having any nexus with any incriminating material brought on record. Merely relying upon the statements recorded under section 132(4) which were subsequently retracted, no addition can be made purely on presumption and surmises without any corroborative evidence to follow up the statements recorded under section 132(4). As rightly observed by Commissioner (Appeals), undisclosed income declared at the time of search has already been offered by the assessee in the return of income filed for the assessment year 2011–12. Therefore, if the AO wanted to make any addition on account of on–money in the impugned assessment year, he should have brought evidence on record to back his conclusion. The incriminating material referred to by him for making the addition in no way is connected with the assessee. Therefore, it cannot form the basis for making the addition. Therefore, on consideration of overall facts and circumstances of the case and keeping in view the decision of the Tribunal referred to above, we do not find any infirmity in the order of learned Commissioner (Appeals). - Revenue’s appeal is dismissed.
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