TMI Blog2006 (8) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts and in the circumstances of the case, the Appellate Tribunal is justified in holding that addition made by the A.O. u/s. 69 of the Act as well as according to the instructions issued u/s. 144A of the IT Act in respect of 'on-money' payment collected by the builder to the extent of ₹ 4,78,500/- is required to be deleted ? While considering issue, the Tribunal has concluded as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re booking of flat or at the time of first payment of booking. The assessee having made the first payment of ₹ 1,00,000 on 10.2.1992, the AO has estimated the amount of On Money and added the same to the total income of the assessee during the Assessment Year under consideration. Thus, we find that the impugned assessment is completely based on preponderance of probabilities. There is no m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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