Unsigned Agreement = No Incriminating Material; ALV Addition in 153A Unsustainable

Raman Goyal Vs DCIT (ITAT Chandigarh) Unsigned Agreement = No Incriminating Material; ALV Addition in 153A Unsustainable The ITAT, Chandigarh Bench held that an unsigned agreement found during search is merely a “waste paper” and cannot be treated as incriminating material. In absence of valid incriminating material, no addition can be made u/s 153A for concluded assessments. In this case, the assessee had correctly disclosed actual rent received from a Delhi property based on her 50% ownership. The AO enhanced annual letting value (ALV) by relying solely on an unsigned draft agreement all...