https://www.taxtmi.com/caselaws?id=311693 ITAT Indore dismissed revenue's appeal against deletion of estimated addition for on-money received on property sales. AO had estimated 30% on-money receipt and 34% profit thereon for assessment year 2014-15 based on search findings. Tribunal held that AO failed to justify the addition and improperly extrapolated pre-search evidence to post-search period without incriminating material. Citing SC precedents, Tribunal emphasized each assessment year is separate unit and income cannot be estimated for other years based on evidence from one particular year. Addition deletion by CIT(A) was upheld as assessment must be based only on incriminating documents found during search proceedings, not extrapolation. en-us Tue, 16 May 2023 00:00:00 +0530 Mon, 08 Jan 2024 22:09:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311693 ITAT Indore dismissed revenue's appeal against deletion of estimated addition for on-money received on property sales. AO had estimated 30% on-money receipt and 34% profit thereon for assessment year 2014-15 based on search findings. Tribunal held that AO failed to justify the addition and improperly extrapolated pre-search evidence to post-search period without incriminating material. Citing SC precedents, Tribunal emphasized each assessment year is separate unit and income cannot be estimated for other years based on evidence from one particular year. Addition deletion by CIT(A) was upheld as assessment must be based only on incriminating documents found during search proceedings, not extrapolation. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311693