On-Money Addition Reduced: Photocopy of Agreement Lacks Evidentiary Value for Taxation

Chameli Devi Vs ITO (ITAT Jaipur)

On-money allegation based only on photocopy of agreement – ITAT partly deletes addition, sustains only advance paid in year

Assessee’s case was reopened u/s 147 based on a photocopy of an unregistered agreement to sell dated 02.03.2012, alleging that she purchased a flat for ₹30,25,000, including ₹5,00,000 cash &  balance ₹25,25,000 within two months. However, the registered sale deed dated 06.07.2012 showed the sale price as ₹16,00,000, out of which ₹4,75,000 was paid in cash on 10.03.2012 &  the balance ₹11,25,000

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