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| The Tax Publishers2019 TaxPub(DT) 1145 (Bom-HC) INCOME TAX ACT, 1961
Section 69C
Tribunal had assessed the evidence to come to conclusion that, there was no evidence in possession of AO to make additions and also purchaser of the land was not examined by AO, thus, addition was not sustained.
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Income from undisclosed source - Addition under section 69C - Unexplained expenditure -
A search and seizure action was carried out in case of Group concern and its employees. During such search, various documents relating to purchase of land by Group concerns were seized. These documents related to several individuals including assessee. On the basis of such documents and email correspondence, AO made additions of sum as unaccounted cash payments made by assessee in course of land deed. CIT(A) confirmed the order of AO. Tribunal deleted the additions essentially holding that the loose documents and other materials did not establish the factum of cash payment by assessee. Held: Tribunal noted that the loose documents/papers were not found from possession of assessee, nor the same were singed by assessee. The entire issue was based on appreciation of facts on record. Tribunal had assessed the evidence to come to conclusion that, there was no evidence in possession of AO to make additions. Significantly, Tribunal noticed several inconsistencies in the contents of email and purchaser of the land, were not examined by AO. There was no any question of law arising.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 23
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