https://www.taxtmi.com/caselaws?id=450759 The ITAT Delhi dismissed the revenue's appeal in an assessment u/s 153C involving undisclosed investment u/s 69 r.w.s 115BBE. The AO had treated property consideration at Rs. 40.06 crores based on a seized agreement, but the tribunal found no connection between the assessee and the cancelled agreement executed by four unrelated parties. The assessee was neither signatory nor executor of the agreement, and cheque payments were returned to the buyer. The CIT(A)'s decision was upheld, concluding the assessee cannot be taxed for money not paid by them. Decision favored the assessee against revenue. en-us Fri, 08 Mar 2024 00:00:00 +0530 Tue, 12 Mar 2024 08:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450759 The ITAT Delhi dismissed the revenue's appeal in an assessment u/s 153C involving undisclosed investment u/s 69 r.w.s 115BBE. The AO had treated property consideration at Rs. 40.06 crores based on a seized agreement, but the tribunal found no connection between the assessee and the cancelled agreement executed by four unrelated parties. The assessee was neither signatory nor executor of the agreement, and cheque payments were returned to the buyer. The CIT(A)'s decision was upheld, concluding the assessee cannot be taxed for money not paid by them. Decision favored the assessee against revenue. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450759