No Addition for On-Money Property Payment Without Proof: ITAT Mumbai

Aarti Sudarshan Soni Vs ITO (ITAT Mumbai) In the case of Aarti Sudarshan Soni vs. ITO, the Income Tax Appellate Tribunal (ITAT) Mumbai overturned an addition of Rs. 33 lakh made under Section 69 of the Income Tax Act. The case revolved around an alleged unexplained investment linked to the purchase of a flat from M/s Shah Housecon Pvt. Ltd.. The Assessing Officer (AO) relied on statements recorded during a survey conducted at the builder’s premises, where it was claimed that on-money payments were made. The assessee denied these allegations, submitting bank statements and an affidavit statin...