TMI Blog2023 (5) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of sale of units/flats recognised to be the sale of assessment year concerned. The findings of the appellate authority and Tribunal are based on ground of absence of evidence. The decision is based on appreciation of evidence. No substantial question of law. - R/TAX APPEAL NO. 583 of 2022 - - - Dated:- 7-3-2023 - HONOURABLE MR. JUSTICE N.V.ANJARIA And HONOURABLE MR. JUSTICE NIRAL R. MEHTA MR.VARUN K.PATEL(3802) FOR THE APPELLANT(S) NO. 1 ORDER ( PER : HONOURABLE MR. JUSTICE N. V. ANJARIA ) Heard learned advocate Mr. Varun Patel for the appellant. 2. The present appeal under section 260A of the Income Tax Act, 1961 arises out of order dated 14th March, 2022 of the Income Tax Appellate Tribunal, Ahmed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case, the Appellate Tribunal has erred in law and on facts in not considering the fact that allegations against the assessee can be informed by a logical reasoning from totality of attending facts and circumstances surrounding the estimation made by the Assessing Officer when direct evidences are not available? 3. The facts are that a search was conducted under section 132 of the Income Tax Act, 1961 (hereinafter referred to as the Act ) against one Ashit Haribhai Vora, who was active partner of the assessee firm of Batter Group. When the search was conducted on 4.12.2014 at the residence, according to the department, certain documents containing 37 pages were found and seized, which were incriminating documents relating to the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the seized documents carry receipt of on-money in relation to the previous assessment years, that is 2010-2011 to 2014-2015 only. It was found that for the year under consideration, that is Assessment Year 2015-2016, there was no clinching evidence of receipt of on-money against the units sold in that year. Any statement of any of the buyers was also not recorded, noticed the appellate authority. Therefore, according to the appellate authority. in absence of any clinching evidence excepting the receipt of on-money against the units sold in Assessment year 2015-2016, extrapolation of income was not justified. 5.1 While dealing with the controversy before it, the appellate Tribunal recorded in para-6 thus, ...It appears that the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of one Ashit Vora on 04.12.2014 and the notices are issued in the case of the appellant on 18.06.2016 followed by the assessment order passed on 29.12.2016 we do not find any recording of statement of buyers whose sales have been recognized all the years by the Ld. AO. No clinching evidence of receipt of on-money on the entire sales made by the appellant is found in the absence of which extrapolation of income simply based on few flimsy instances is not sustainable. 5.3 The Tribunal thereafter held that the Assessing Officer was required to confine himself on the incriminating material found during the course of search and that the Revenue could not have extrapolated the amount of on-money merely on presumption based on the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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