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The Income Tax Appellate Tribunal held that the assessing officer did not have credible evidence to make an addition based on a piece of paper found containing details of cash components for flat sales. The Tribunal relied on the Metro Construction Company case, stating that the officer could not resort to extrapolation based on assumptions and presumptions. Consequently, the entire addition was deleted. Regarding the disallowance of professional fees, the Tribunal ruled in favor of the assessee, stating that the initial onus was discharged by showing the purpose of the payments through banking channels with TDS deduction. The failure of recipients to file returns or respond to notices cannot penalize the assessee. The professional fees were paid for negotiating a loan, which is a legitimate business expense.
The Income Tax Appellate Tribunal held that the assessing officer did not have credible evidence to make an addition based on a piece of paper found containing details of cash components for flat sales. The Tribunal relied on the Metro Construction Company case, stating that the officer could not resort to extrapolation based on assumptions and presumptions. Consequently, the entire addition was deleted. Regarding the disallowance of professional fees, the Tribunal ruled in favor of the assessee, stating that the initial onus was discharged by showing the purpose of the payments through banking channels with TDS deduction. The failure of recipients to file returns or respond to notices cannot penalize the assessee. The professional fees were paid for negotiating a loan, which is a legitimate business expense.
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