https://www.taxtmi.com/caselaws?id=288631 Undisclosed sale consideration cannot be added merely because a seized letter suggests a higher price when registered sale documents, affidavits and bank records support the declared consideration. The assessee explained that the letter related to an earlier cancelled booking, and the Revenue did not record the purchaser's statement or produce comparable evidence to show that on-money was received or that the registered value was false. In the absence of cogent rebuttal material, the inference of higher sale price remained a presumption. The addition was therefore held unsustainable and deleted. en-us Tue, 31 Jan 2017 00:00:00 +0530 Sat, 20 Jun 2020 06:03:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288631 Undisclosed sale consideration cannot be added merely because a seized letter suggests a higher price when registered sale documents, affidavits and bank records support the declared consideration. The assessee explained that the letter related to an earlier cancelled booking, and the Revenue did not record the purchaser's statement or produce comparable evidence to show that on-money was received or that the registered value was false. In the absence of cogent rebuttal material, the inference of higher sale price remained a presumption. The addition was therefore held unsustainable and deleted. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288631