Projected Sales cannot be treated as income without corroborative evidences

CIT Vs Vatika Landbase Pvt. Ltd (Delhi High Court) The Delhi High Court has dismissed an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, against an order of the Income Tax Appellate Tribunal (ITAT). The case pertains to Vatika Landbase Pvt. Ltd., a real estate development company, which was subjected to a search and seizure operation under Section 132 of the Act in May 2003. The Revenue sought to add Rs. 5.6 crore to the company’s income based on seized documents and projected sale values, but the ITAT had ruled in favor of the assessee, rejecting the addition. Th...