Case Law Details
ACIT Vs Mayfair Resorts India Ltd. (ITAT Delhi)
ITAT Delhi held that towards unexplained money u/s. 69A of the Income Tax Act merely on the basis of unsigned unexecuted draft agreement to sale without any other collaborative evidence is unsustainable in law.
Facts- The present appeal is preferred by the revenue contesting that CIT(A) has erred in deleting the addition of Rs. 1.50 Cr. made as unexplained money u/s. 69A of the IT, 1961 by ignoring the established facts that seized document found during search has permissibility as per the provision of presumption u/s. 292C of the IT Act, 1961.
Conclusion- Held that the CIT(A) was right in holding that no addition can be made and sustained only on the basis of an unsigned unexecuted draft agreement to sale found from the premises of third party i.e. deed writer without any other collaborative evidence supporting the factum of receipt of cash by the assessee under the alleged document. We are unable to see any ambiguity, perversity or any other valid reason to interfere with the findings recorded by the ld. CIT(A) and thus we uphold the same. Accordingly, grounds of revenue being devoid of merits are dismissed.
FULL TEXT OF THE ORDER OF ITAT DELHI
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