ITAT upholds CIT(A) Decision Deleting Rs. 3.80 Crore On-Money Addition in Land Purchase, citing Lack of Evidence linking Assessee to Cash Transaction [Read Order]

The Tribunal noted that no incriminating material was found at the assessee's premises, and the AO did not carry out independent inquiries
By Sneha Sukumaran Mullakkal - On November 7, 2024 5:34 pm - 2 mins read
ITAT - ITAT Visakhapatnam - Addition in Land Purchase - Cash Transaction - Commissioner of Income Tax - Taxscan

The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]’s decision to delete the addition of Rs. 3.80 crore made by the Assessing Officer ( AO ) regarding on-money in a land purchase transaction, citing the lack of evidence linking the assessee to the alleged cash…

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