https://www.taxtmi.com/caselaws?id=426783 The Tribunal upheld the CIT(A)'s order, dismissing all five appeals filed by the AO. It concluded that the AO lacked reliable evidence to prove the assessee made cash payments beyond the stated consideration. The additions were based on assumptions, presumptions, and retracted statements without corroborative evidence. The Tribunal emphasized that additions cannot be made solely based on such documents and held that the Settlement Commission's order is not binding on the assessee. Citing judicial consistency, the Tribunal deleted the additions, finding similarities with previous cases involving co-buyers of the same land. en-us Mon, 22 Aug 2022 00:00:00 +0530 Thu, 25 Aug 2022 08:13:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426783 The Tribunal upheld the CIT(A)'s order, dismissing all five appeals filed by the AO. It concluded that the AO lacked reliable evidence to prove the assessee made cash payments beyond the stated consideration. The additions were based on assumptions, presumptions, and retracted statements without corroborative evidence. The Tribunal emphasized that additions cannot be made solely based on such documents and held that the Settlement Commission's order is not binding on the assessee. Citing judicial consistency, the Tribunal deleted the additions, finding similarities with previous cases involving co-buyers of the same land. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426783