Lack of Corroborative Evidence for Addition of Rs.4.93 Cr as Unaccounted Property Investment: ITAT Dismisses Revenue Appeals [Read Order]
The Tribunal ruled that the addition of Rs. 4.93 crore as unaccounted investment in immovable property lacked corroborative evidence and relied on a retracted third-party statement.
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed nine appeals filed by the Revenue ruling that lack of corroborative evidence for additions totaling Rs. 4.93 crore made by the Assessing Officer (AO) for alleged unaccounted investments in immovable property by three assessees. The case pertains to K. Rethinam, S. Ramachandran, and…
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