https://www.taxtmi.com/caselaws?id=190799 ITAT Mumbai allowed the assessee's appeals and dismissed Revenue's. Additions under s.153A based solely on loose "dumb" documents alleging on-money receipts were deleted for lack of corroborative evidence or incriminating material. Consequential additions based on extrapolation of such alleged on-money were also struck down, the Tribunal holding that search assessments must rest on tangible evidence, not estimation. No income was held recognizable for AY 2008-09 under the project completion method, given the stage of construction and receipt of advances. Disallowance of compensation and interest earlier allowed in scrutiny was held invalid as a mere change of opinion without new material. Proportionate construction expenses and payments to the housing authority were held genuine business expenditure and fully allowable. en-us Mon, 31 Oct 2016 00:00:00 +0530 Wed, 26 Nov 2025 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190799 ITAT Mumbai allowed the assessee's appeals and dismissed Revenue's. Additions under s.153A based solely on loose "dumb" documents alleging on-money receipts were deleted for lack of corroborative evidence or incriminating material. Consequential additions based on extrapolation of such alleged on-money were also struck down, the Tribunal holding that search assessments must rest on tangible evidence, not estimation. No income was held recognizable for AY 2008-09 under the project completion method, given the stage of construction and receipt of advances. Disallowance of compensation and interest earlier allowed in scrutiny was held invalid as a mere change of opinion without new material. Proportionate construction expenses and payments to the housing authority were held genuine business expenditure and fully allowable. Case-Laws Income Tax Mon, 31 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190799