2016 (5) TMI 1263

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....stice G. Chandraiah) This appeal filed by the Revenue under Section 260- A of the Income Tax Act, 1961 (for brevity "the Act") arises out of the Order dated 22.11.2013 in I.T.A.No. 468/Hyd/2012 passed by the Income-Tax Appellate Tribunal (for short "the Tribunal"), Hyderabad Bench "B", Hyderabad relating to the assessment year 2008-2009. The following substantial question of law is said to be a....

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....ression of receipts on sale of land by the assessee and made an addition of unaccounted income based on seized document i.e. Memorandum of Understanding in respect of the land transaction. When the assessee challenged the assessment order dated 31.12.2009, the Commissioner of Income Tax (Appeals), while partly allowing the appeal, directed the Assessing Officer to delete the addition of Rs. 1.85 c....

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....be seen from the material on record, the addition of Rs. 13.81 crores was made by the Assessing Officer only relying upon the draft MOU which is an unsigned one. There is no other corroborative evidence brought on record either as a result of search or enquiry made by the Assessing Officer, which could establish the fact that the contents of the draft MOU were true and the MOU was in fact acted up....

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....nominees. That being the case, it cannot be said that the assessee has received the amount of Rs. 13.81 crores in cash towards the sale of land merely on the basis of the draft MOU. In this view of the matter, we find no infirmity in the reasons discussed by the CIT (A) in the impugned order while deleting the impugned addition made by the Assessing officer. We accordingly uphold the same, rejecti....