The Revenue failed to discharge its onus to prove the appellants received on-money, the order stated, adding that reassessment based solely on such "dumb documents" violated principles of natural justice.
By Adwaid M S - On May 9, 2025 2:36 pm - 2 mins read
The Income Tax Appellate Tribunal (ITAT), Nagpur bench, has quashed tax additions totaling Rs. 2.66 crore made against three assessees Taradevi Babulal Patni, Patni Housing Private Limited, and Babulal Roshanlal Patni—under Section 69A of the Income Tax Act, 1961 for alleged “on-money” receipts. The tribunal ruled that the additions, based solely on unverified third-party documents…
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