https://www.taxtmi.com/caselaws?id=765859 ITAT Pune allowed the assessee's appeal and deleted the addition for AY 2017-18 made on account of alleged on-money from sale of flats/shops. The Tribunal held that extrapolation based solely on loose papers and an employee's statement was unjustified, particularly as the employee joined after the relevant period and no author of the diary or any buyers, though identifiable, were examined. Unlike the HC decision in Harish Textile Engrs. Ltd., the assessee here consistently denied receiving on-money and the revenue failed to corroborate the seized material as required by SC in Pooran Mal. ITAT also noted that similar additions were deleted in the case of the joint venture partner. en-us Fri, 07 Feb 2025 00:00:00 +0530 Tue, 25 Nov 2025 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765859 ITAT Pune allowed the assessee's appeal and deleted the addition for AY 2017-18 made on account of alleged on-money from sale of flats/shops. The Tribunal held that extrapolation based solely on loose papers and an employee's statement was unjustified, particularly as the employee joined after the relevant period and no author of the diary or any buyers, though identifiable, were examined. Unlike the HC decision in Harish Textile Engrs. Ltd., the assessee here consistently denied receiving on-money and the revenue failed to corroborate the seized material as required by SC in Pooran Mal. ITAT also noted that similar additions were deleted in the case of the joint venture partner. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765859