https://www.taxtmi.com/caselaws?id=459076 ITAT Mumbai deleted addition based on sale consideration from SRA project MOU, finding the document invalid and lacking evidence of required municipal permissions. The tribunal held that additions cannot be sustained on assumptions without cogent material evidence. Regarding taxation of income after firm dissolution, ITAT ruled only Rs. 50 lakhs received before dissolution date could be taxed in assessee's hands, provided it wasn't already taxed in successor partner's hands. Matter remanded to AO for verification of this limited amount while balance addition was deleted for lack of justification. en-us Wed, 20 Aug 2014 00:00:00 +0530 Thu, 28 Nov 2024 19:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459076 ITAT Mumbai deleted addition based on sale consideration from SRA project MOU, finding the document invalid and lacking evidence of required municipal permissions. The tribunal held that additions cannot be sustained on assumptions without cogent material evidence. Regarding taxation of income after firm dissolution, ITAT ruled only Rs. 50 lakhs received before dissolution date could be taxed in assessee's hands, provided it wasn't already taxed in successor partner's hands. Matter remanded to AO for verification of this limited amount while balance addition was deleted for lack of justification. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459076