2017 (7) TMI 1172

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....s is an appeal by the Revenue against the order dated 29th July, 2016 passed the Income Tax Appellate Tribunal ('ITAT') in ITA No.3031/Del/2012 for the Assessment Year ('AY') 2003-04. 2. The Revenue is aggrieved by the order of ITAT whereby it deleted the addition of Rs. 49 lakhs to the income of the Respondent/Assessee by the Assessing Officer ('AO'), which order was affirmed by the Commission....

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....umption under Section 292 C of the Act was that it belonged to him. Further, the CIT(A) proceeded to hold that Rs. 49 lakhs constituted the unexplained income of the Assessee since the Assessee had not submitted any evidence like a confirmation letter or any other document to show that expenditure related to any project of the aforementioned company. 5. The ITAT in the impugned order noted t....