https://www.taxtmi.com/caselaws?id=328462 A disallowance cannot rest on suspicion where the assessee supports a cost of improvement claim with primary evidence such as an MOU, architect's certificate, invoices, cheque payments and TDS records, and the Revenue does not conduct adequate enquiry to rebut them; the addition on that issue was deleted, subject to limited verification of supporting documents. In relation to real estate project profits, the assessee's use of the percentage completion method and the claim that the same project income had already been offered across relevant years required year-wise verification; if full taxation of the project profit is confirmed, further addition would amount to double taxation. The matter was remitted for such verification. en-us Wed, 18 May 2016 00:00:00 +0530 Sat, 04 Jun 2016 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328462 A disallowance cannot rest on suspicion where the assessee supports a cost of improvement claim with primary evidence such as an MOU, architect's certificate, invoices, cheque payments and TDS records, and the Revenue does not conduct adequate enquiry to rebut them; the addition on that issue was deleted, subject to limited verification of supporting documents. In relation to real estate project profits, the assessee's use of the percentage completion method and the claim that the same project income had already been offered across relevant years required year-wise verification; if full taxation of the project profit is confirmed, further addition would amount to double taxation. The matter was remitted for such verification. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328462