https://www.taxtmi.com/caselaws?id=353582 Addition for alleged on-money and undisclosed investment could not rest only on sellers' statements without cross-examination or independent corroboration, so the declared consideration for the plots purchased from the Jain brothers was accepted. For the plot bought from Rawat Constructions Pvt. Ltd., the Tribunal held that surrounding circumstances and admitted on-money receipt by the sellers justified rejection of the declared consideration to the extent supported by evidence, but the investment had to be estimated by reference to adjacent plots at a lower rate than that adopted by the Assessing Officer. The addition was therefore sustained only on a revised valuation basis. en-us Wed, 20 Dec 2017 00:00:00 +0530 Mon, 08 Jan 2018 09:27:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353582 Addition for alleged on-money and undisclosed investment could not rest only on sellers' statements without cross-examination or independent corroboration, so the declared consideration for the plots purchased from the Jain brothers was accepted. For the plot bought from Rawat Constructions Pvt. Ltd., the Tribunal held that surrounding circumstances and admitted on-money receipt by the sellers justified rejection of the declared consideration to the extent supported by evidence, but the investment had to be estimated by reference to adjacent plots at a lower rate than that adopted by the Assessing Officer. The addition was therefore sustained only on a revised valuation basis. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353582