https://www.taxtmi.com/caselaws?id=448296 ITAT Ahmedabad dismissed Revenue's appeal regarding unaccounted profit additions from flat sales. During survey under section 133A, only loose paper was found without other incriminating documents. AO failed to refer valuation to District Valuation Officer under section 55A, instead relying on Inspector's report for fair market value determination. Purchasers' statements under section 131 showed no on-money payments to developer. Without incriminating evidence, books of account rejection, or seized unaccounted money, additions based solely on Inspector's report were unsustainable. Court cited SC precedents emphasizing no additions can be made on suspicion without proper evidence. en-us Fri, 12 Jan 2024 00:00:00 +0530 Mon, 15 Jan 2024 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448296 ITAT Ahmedabad dismissed Revenue's appeal regarding unaccounted profit additions from flat sales. During survey under section 133A, only loose paper was found without other incriminating documents. AO failed to refer valuation to District Valuation Officer under section 55A, instead relying on Inspector's report for fair market value determination. Purchasers' statements under section 131 showed no on-money payments to developer. Without incriminating evidence, books of account rejection, or seized unaccounted money, additions based solely on Inspector's report were unsustainable. Court cited SC precedents emphasizing no additions can be made on suspicion without proper evidence. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448296