Reassessment Valid Where Loose Papers and Purchaser’s Statement Indicate On-Money: ITAT Ahmedabad

Rohitkumar Chinubhai Modi Vs ACIT (ITAT Ahmedabad) ITAT Upholds Reassessment in On-Money Land Deal: A Landmark Ruling on Reopening, Evidence & Human Probabilities The Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling in the case of co-owners Rohitkumar Chinubhai Modi and Saurabhbhai Rohitbhai Modi for Assessment Year 2009-10, affirming the addition of ₹3.31 crore each on account of alleged unaccounted cash (on-money) received in a land transaction. The decision is particularly important for taxpayers, real estate investors, and tax practitioners, as it addresses sev...