Addition of on-money and extrapolation without evidence found during search cannot be sustained

Meenamani Ganga Builder LLP Vs ACIT (ITAT Pune)

ITAT Pune held that extrapolation cannot be made on account of receipt of on-money for sale of shops in respect of which no evidence was found during the course of search. Accordingly, appeal partly allowed.

Facts- The assessee is a firm engaged in business of real estate. During the course of assessment proceedings, the Assessing Officer noted that search action u/s 132 of the Act was conducted in the case of M/s. Meenamani Ganga Builder LLP as a part of search action in Goel Ganga Group on 10.01.2019. During

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