https://www.taxtmi.com/caselaws?id=418130 Addition for alleged undisclosed development expenses was unsustainable where the assessee produced regular books of account, bills, bank statements and supporting material, and the search yielded no incriminating material or cogent corroborative evidence. The Tribunal noted that the development es were already recorded year-wise, the work was shown to have been executed under a development agreement, and the sale consideration of plots had been accepted. An estimate based on Rs. 300 per sq. ft. was held to be unsupported, made on a presumptive basis without rejecting the books, and the entire amount could not be brought to one assessment year. The deletion of the addition was upheld. en-us Wed, 05 Jan 2022 00:00:00 +0530 Wed, 09 Feb 2022 05:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418130 Addition for alleged undisclosed development expenses was unsustainable where the assessee produced regular books of account, bills, bank statements and supporting material, and the search yielded no incriminating material or cogent corroborative evidence. The Tribunal noted that the development es were already recorded year-wise, the work was shown to have been executed under a development agreement, and the sale consideration of plots had been accepted. An estimate based on Rs. 300 per sq. ft. was held to be unsupported, made on a presumptive basis without rejecting the books, and the entire amount could not be brought to one assessment year. The deletion of the addition was upheld. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418130