ITAT Accepts NRI Husband’s Funding for Property Purchase: Deletes Rs. 80.10 Lakh Income Tax Addition The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has granted major relief to taxpayer Sanobar Ajaz Ahmed Saudagar by deleting an addition of Rs 80.10 lakh made by the Income Tax Department under Section 69 of the Income…
ITAT Mumbai Remands Rs 71.20 Lakh Addition Against NRI And Directs Fresh Adjudication The Income Tax Appellant Tribunal (ITAT) Mumbai set aside the ex parte assessment order and restored the matter to the file of the Assessing Officer for fresh adjudication. The assessee is an NRI residing in the United States since 2012, and he…
ITAT Deletes Rs 24.70 Lakh Addition for Alleged On-Money Payment as AO Failed to Prove Cash Transaction The Income Tax Appellate Tribunal (ITAT) Mumbai held that an addition under Section 69 for alleged on-money payment cannot be sustained merely on the basis of third-party statements or seized documents unless the Revenue establishes actual payment through corroborative…
Third-Party Software Entries Alone Cannot Justify Section 69 Addition: ITAT The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) on 15 May deleted an addition of Rs 16.05 lakh made under Section 69 of the Income-tax Act, 1961, holding that uncorroborated third-party digital data and general statements recorded during search proceedings cannot, by themselves,…
Third-Party Statements Alone Insufficient; ITAT Deletes Additions The assessee, an individual earning mainly interest income, was subjected to proceedings under Section 153C following a search on the Rubberwala Group. During the search, the department allegedly found Excel sheets and statements indicating that shops in the “Platinum Mall” project were sold for both cheque and cash…
A search under Section 132 was conducted on the Passi family group, during which substantial jewellery, cash, and foreign currency were found from residential premises and lockers. The Assessing Officer treated part of the jewellery as unexplained on the ground that item-wise reconciliation with wealth tax returns and purchase invoices was not satisfactory. Accordingly, additions…
ITAT Deletes Rs. 14.74 Lakh Section 69 Addition and Alleged On-Money in Flat Purchase Case Smt. Mithlesh Amarnath Maurya did not file her return for A.Y. 2013-14. Reassessment under section 147 was initiated based on search-related information in the case of M/s Bhagwati Developers group alleging on-money in property transactions. The Assessing Officer alleged that…
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