Transaction cannot be doubted for mere non-prosecution of original document

Brief facts of the case are that the assessee-company is engaged in the business of property development. The assessee filed its return of income through E-filing for the year under consideration showing total income of Rs.10,39,624/- on 31.10.2007. The case was selected for scrutiny under CASS and notices under sections 143(2) and 142(1) were issued and duly served on the assessee. During the course of assessment proceedings, the assessee filed a statement for cost of construction, wherein it has been shown that the assessee has paid Rs.60,00,000/- to M/s. Sunrise Projects Pvt. Ltd. The asses...