https://www.taxtmi.com/caselaws?id=758713 ITAT Jaipur ruled in favor of the assessee regarding an unexplained investment addition of Rs. 5 lakh based on an unsigned land agreement. The tribunal held that an unsigned agreement constitutes merely an offer that was never accepted or executed, making it void under Section 2(g) of the Indian Contract Act, 1872. The AO failed to conduct independent inquiries to verify the transaction despite having the document for over two years. The tribunal emphasized that assessment cannot be based on suspicion or guesswork without material evidence, directing deletion of the addition. en-us Thu, 05 Sep 2024 00:00:00 +0530 Tue, 17 Sep 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758713 ITAT Jaipur ruled in favor of the assessee regarding an unexplained investment addition of Rs. 5 lakh based on an unsigned land agreement. The tribunal held that an unsigned agreement constitutes merely an offer that was never accepted or executed, making it void under Section 2(g) of the Indian Contract Act, 1872. The AO failed to conduct independent inquiries to verify the transaction despite having the document for over two years. The tribunal emphasized that assessment cannot be based on suspicion or guesswork without material evidence, directing deletion of the addition. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758713