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Issues: Whether the addition of Rs. 50,00,000 as undisclosed income arising from an alleged cash receipt in a property transaction was sustainable, or whether the matter required restoration for proper enquiry.
Analysis: The assessment had been completed ex parte as a best judgment assessment after non-compliance with notices. However, the assessee consistently disputed receipt of the alleged sale consideration, claiming that the amount was only earnest money, that the transaction had not culminated in a valid transfer, and that the property stood affected by subsequent events. The record also showed that the department had not carried out a proper enquiry with the alleged purchasers to verify whether the cash amount was in fact available with them and actually paid to the assessee. In these circumstances, the existing material was found insufficient for a conclusive finding on the taxability of the amount.
Conclusion: The addition could not be finally sustained on the existing record, and the matter was restored to the Assessing Officer for thorough examination after granting adequate opportunity to the assessee.
Final Conclusion: The appeal succeeded only to the extent of remand, and the assessment issue was sent back for fresh adjudication in accordance with law.
Ratio Decidendi: Where an ex parte addition is made on the basis of an alleged cash transaction, the taxing authority must conduct proper verification of the underlying facts before drawing a conclusive inference.
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