Addition Based on Loose Papers Without Evidence Not Permissible in Law

DCIT Vs Aarya Developers (ITAT Ahmedabad) The case of DCIT vs. Aarya Developers before the ITAT Ahmedabad is a landmark in the annals of tax jurisprudence, particularly in the domain of real estate development and construction. This legal battle, culminating in a decision on January 12, 2024, revolves around the contentious issue of unaccounted profits from the construction business for the Assessment Year 2014-15. At the heart of the dispute were the additions made by the Revenue to Aarya Developers’ income, alleging unaccounted profits from the sale of flats and penthouses in thei...