TaxTMI 
TaxTMI 
2019 (4) TMI 1235
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....gainst the judgment of the Income Tax Appellate Tribunal ("the tribunal" for short). Following questions are presented for our consideration : "(1). Whether on the facts and circumstances of the case and in law the Income Tax Appellate Tribunal was justified in upholding the additions made by the Assessing Officer on account of unaccounted cash payments made by the assessee as evident from the n....
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.... documents are bound to be true?" 2. Question no.1 arises out of the action of the Assessing Officer to make addition of Rs. 1.53 crores as assessee's undisclosed income. The respondent-assessee was subjected to search during which certain documents were seized. One such document was a draft agreement of sale by the assessee which showed the total sale consideration of the immovable property ....
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....he development on such land would not be possible. Inter-alia on such grounds, the Tribunal accepted the assessee's contention that the draft agreement was never acted upon by the parties. 4. Having heard the learned Counsel for the Revenue and having perused the documents on record, we find that the entire issue is factual. The Tribunal took into account the relevant facts and came to the co....
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....Assessing Officer has been that the amount of Rs. 1.50 crore was paid in cash. However, the Assessing Officer even could not prove the payment of Rs. 20 lakh which was also mentioned to be paid by cheque. Whereas, the assessee has explained that the originally Rs. 60 lakh were paid by cheque and out of which Rs. 40 lakh was received back by the assessee from Shri Mukund Keni and that the deal has ....