On Money Additions Based on Uncorroborated Documents & Confessions not sustainable

DCIT Vs Nishant Construction Pvt. Ltd. (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, in the case of Deputy Commissioner of Income Tax (DCIT) versus Nishant Construction Pvt. Ltd., has upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] to delete an addition of Rs. 32,13,77,692/-. The addition was made by the Assessing Officer (AO) on account of alleged “on money” received by the assessee company from the sale of properties in its “Ratnakar III” and “Ratnakar IV” schemes during the assessment years 2013-14 and 20...