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Reassessment Valid Where Loose Papers and Purchaser’s Statement Indicate On-Money: ITAT Ahmedabad
Case Law Details
- Case Name
- Rohitkumar Chinubhai Modi Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Ahmedabad
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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...
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