Just a moment...

Report
FeedbackReport
Welcome to TaxTMI

We're migrating from taxmanagementindia.com to taxtmi.com and wish to make this transition convenient for you. We welcome your feedback and suggestions. Please report any errors you encounter so we can address them promptly.

Bars
Logo TaxTMI
>
×

By creating an account you can:

Feedback/Report an Error
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home /

2017 (4) TMI 573

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....T ( Per : Smt. Vasanti A. Naik, J.) Whether in the facts and circumstances of the case, the Tribunal was justified in law in deleting the addition of Rs. 66,50,000/by holding that there was no evidence for making such addition, is the question of law framed by this Court at the time of admission of this Income Tax Appeal. Few facts giving rise to the Income Tax Appeal are stated thus : A searc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to the assessee through Shri P.R. Agrawal. On the basis of those chits, the Assessing Officer came to a conclusion that the assessee had finalized the deal with Shri Chokhani by which he had surrendered his tenancy rights in favour of the assessee on receiving a sum of Rs. 66,50,000/. On the basis of the material on record, the Assessing Officer held that the correspondence between Shri P.R. Agraw....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Assessing Officer treated the same as an unexplained investment and subjected it to tax under the Act. The order of the Assessing Officer was challenged by the assessee before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal, on an appreciation of the material on record came to a conclusion that there was no basis for making the addition as there was no material to show that t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d 47 the description of the flat was different. The description of the flat in the loose papers did not tally with the description of the flat at Matunga. It was also not possible to gauge from the loose chits that were seized during the search operations that the flat at Matunga was referred to in the said chits. It was held by the Tribunal that there was no material to hold, as held by the Asses....