https://www.taxtmi.com/caselaws?id=779547 ITAT held the revenue's addition for alleged unaccounted receipts from sale of flats unsustainable and dismissed the appeal. During search no incriminating material was found; AO's adoption of the highest observed sale rate for all flats was arbitrary, speculative and lacked corroboration or independent inquiry. The AO failed to consider location, floor, amenities, timing and negotiated differences, and did not confront the assessee with buyer evidence. The assessment under s.144 rested on assumption rather than a rational basis, rendering the additions unjustified. en-us Wed, 22 Jan 2025 00:00:00 +0530 Wed, 08 Oct 2025 08:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779547 ITAT held the revenue's addition for alleged unaccounted receipts from sale of flats unsustainable and dismissed the appeal. During search no incriminating material was found; AO's adoption of the highest observed sale rate for all flats was arbitrary, speculative and lacked corroboration or independent inquiry. The AO failed to consider location, floor, amenities, timing and negotiated differences, and did not confront the assessee with buyer evidence. The assessment under s.144 rested on assumption rather than a rational basis, rendering the additions unjustified. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779547