Addition for ON MONEY received on Sale of Flat should be based on evidence found during search

M/s Runwal Projects Pvt Ltd Vs DCIT (ITAT Mumbai) There is no dispute with regard to the fact of receipt of on-money from sale of flats. This fact has been admitted by the assessee including its director in the statement recorded during the course of search. This fact is also supported by incriminating material found as a result of search. During the course of search, the department has found application form, booking form of certain flats as per which the rate charged for sales is higher than the amount recorded in the books of account. Accordingly, undisclosed income of Rs.18,82,59,020 has b...