https://www.taxtmi.com/caselaws?id=447125 ITAT Delhi ruled in favor of assessees in a case involving undisclosed income additions based on property transactions. Following a search under Section 132, AO made additions by comparing sale deed values with his calculated fair market value using assumptions. The tribunal held that without corroborative evidence showing actual payments beyond sale deed amounts, no additions could be made. Revenue failed to prove assessees invested or received consideration exceeding disclosed amounts. Since registration authorities accepted the sale deed valuations and no higher stamp duty valuation existed, AO cannot substitute apparent consideration with market value without supporting material. Revenue's appeal dismissed. en-us Fri, 15 Dec 2023 00:00:00 +0530 Tue, 19 Dec 2023 09:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447125 ITAT Delhi ruled in favor of assessees in a case involving undisclosed income additions based on property transactions. Following a search under Section 132, AO made additions by comparing sale deed values with his calculated fair market value using assumptions. The tribunal held that without corroborative evidence showing actual payments beyond sale deed amounts, no additions could be made. Revenue failed to prove assessees invested or received consideration exceeding disclosed amounts. Since registration authorities accepted the sale deed valuations and no higher stamp duty valuation existed, AO cannot substitute apparent consideration with market value without supporting material. Revenue's appeal dismissed. Case-Laws Income Tax Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447125