The assessee had sold many\u00a0 flats .\u00a0 In the course of survey and search premises of the assessee CD was found\u00a0 and in the said CD sale transacyion. of Mr Devendra Singh Tomar was found . According to the Assessing officer\u00a0\u00a0 Assessing Officer simply multiplied difference in sale price of Rs. 8.55 lakhs to number of flats sold and added a sum of Rs. 3.06 crores under section 69A as disallowance on account of undisclosed money.\u00a0 Commissioner (Appeals) dismissed appeal but reduced undisclosed income to Rs. 2.97 crores\u00a0 . On appeal the Tribunal accepted explanation of assessee that initially said flat, of which letter was found, was negotiated and sold for a sum of Rs. 59.34 lakhs, however, said booking was cancelled on ground that agreed price was much higher than prevailing market price . Thereafter, Devendra Singh Tomar \u00a0approached assessee and negotiated to purchase flat at Rs. 49.18 lakhs which amount said Devendra Singh Tomar \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0paid in three instalments .\u00a0 Devendra Singh Tomar \u00a0\u00a0\u00a0had also filed an affidavit giving details as well as proofs of payment\u00a0 There was no evidence found against assessee and no enquiry was carried out by Assessing Officer to find out more details and entire addition had been made on hypothetical basis. Order of Tribunal is affirmed .<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money \u2013 Survey \u2013 Addition of hypothetical basis \u2013 Deletion of addition by the Tribunal is affirmed . [ S. 133A , Indian Evidence Act , 1872, S. 65B ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-26579","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6UH","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=26579"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26579\/revisions"}],"predecessor-version":[{"id":26580,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26579\/revisions\/26580"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=26579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=26579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}