Court rejects addition of unaccounted income as on-money receipts due to lack of evidence.

The High Court upheld the ITAT's decision to delete the addition of Rs.1,45,37,500/- as unaccounted income from alleged on-money receipts. The court emphasized the lack of concrete evidence supporting the on-money receipt and cited previous legal precedents. The appeal was dismissed as no substantial question of law arose from the case.

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Issues:
Challenge to the impugned judgment and order dated 22.02.2013 passed by the Income Tax Appellate Tribunal (ITAT) regarding the addition of Rs.1,45,37,500/- as on-money from the Scheme Ganesh Plaza.

Analysis:
The appellant Revenue contested the ITAT's decision to delete the addition of Rs.1,45,37,500/-, claiming it as undisclosed income from on-money received during the sale of premises at Ganesh Plaza. The Assessing Officer (AO) based the addition on the partner's admission of concealment during a statement, where on-money collection was acknowledged. However, the AO failed to provide specific documentary evidence supporting the on-money receipt. The ITAT, citing previous court decisions, found the lack of incriminating material and directed the deletion of the addition.

The High Court noted the absence of concrete evidence supporting the on-money receipt in the AO's assessment, solely relying on the partner's retracted statement. The issue aligned with previous judgments from the Madras High Court, Delhi High Court, and the Gujarat High Court. Considering the facts, the court upheld the ITAT's decision, emphasizing the lack of substantial legal questions and dismissed the Tax Appeal.

In conclusion, the High Court upheld the ITAT's decision to delete the addition of Rs.1,45,37,500/- as unaccounted income from alleged on-money receipts, citing the court's appreciation of the evidence and previous legal precedents. The appeal was dismissed as no substantial question of law arose from the case.

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