2016 (1) TMI 1514

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.... 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 10th July, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2008-09. 2. The Revenue urges the following question of law for our consideration: (i) Whether on the facts and in this circumstances of the cases, the Tribunal....

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.... sq.ft. as on money received in respect of further 37 flats even though no document evidencing its receipt were found. Thus, estimating undisclosed income in respect of the above 37 flats at Rs. 2.24 crores. It is pertinent to note that the impugned order also records that in respect of some other flats, the Assessing Officer did not add any consideration to the price of the flats received on acco....

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....e warranted the making of an addition of Rs. 2.24 crores. On the aforesaid facts, the impugned order holds that the additions made by the Assessing Officer was merely on the basis of suspicion and there was no material and / or evidence on record to indicate that the respondent Assessee had received any amounts in excess of consideration recorded in the Agreements in respect of the 37 flats, under....

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....t a best judgment assessment and wherever documents indicate that there was some additional consideration received by the respondent assessee, the same was offered to tax. However, in the absence of any evidence merely on the basis of suspicion, it is not open to add any amount as income. It is pertinent to note that the Counsel for the Revenue, was unable to explain the basis on which only the co....