Flat On-Money Case: CIT’s Revision Quashed as Assessment was Lawful Without Error

Chaitalee Sachin Deokar Vs CIT (ITAT Mumbai) In a relief for a taxpayer, the Income Tax Appellate Tribunal (ITAT), Mumbai bench, has quashed a revisional order by the Commissioner of Income Tax (CIT) that had sought to reopen an assessment based on alleged “on-money” paid for a flat purchase. The Tribunal held that the original assessment was not flawed in a way that would justify the CIT’s intervention, citing a previous tribunal ruling. The case involves Ms. Chaitalee Sachin Deokar and pertains to the assessment year 2013-14. Ms. Deokar had originally filed her income tax r...