2017 (4) TMI 573

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....T ( Per : Smt. Vasanti A. Naik, J.) Whether in the facts and circumstances of the case, the Tribunal was justified in law in deleting the addition of Rs. 66,50,000/by holding that there was no evidence for making such addition, is the question of law framed by this Court at the time of admission of this Income Tax Appeal. Few facts giving rise to the Income Tax Appeal are stated thus : A searc....

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....to the assessee through Shri P.R. Agrawal. On the basis of those chits, the Assessing Officer came to a conclusion that the assessee had finalized the deal with Shri Chokhani by which he had surrendered his tenancy rights in favour of the assessee on receiving a sum of Rs. 66,50,000/. On the basis of the material on record, the Assessing Officer held that the correspondence between Shri P.R. Agraw....

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....Assessing Officer treated the same as an unexplained investment and subjected it to tax under the Act. The order of the Assessing Officer was challenged by the assessee before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal, on an appreciation of the material on record came to a conclusion that there was no basis for making the addition as there was no material to show that t....

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....d 47 the description of the flat was different. The description of the flat in the loose papers did not tally with the description of the flat at Matunga. It was also not possible to gauge from the loose chits that were seized during the search operations that the flat at Matunga was referred to in the said chits. It was held by the Tribunal that there was no material to hold, as held by the Asses....