ITAT deletes addition for On-Money due to absence of any corroborative evidence

Heena Dashrath Jhanglani Vs ITO (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, recently set aside an addition of ₹ 42 lakh made to the income of Ms. Heena Dashrath Jhanglani, ruling in favor of the assessee. The Tribunal’s decision, delivered against an order of the Commissioner (Appeals)-3, Thane, for the assessment year 2007-08, highlighted critical procedural lapses by the tax authorities and the absence of conclusive corroborative evidence for the alleged “on money” payment. Background of the Case The assessee, Ms. Heena Dashrath Jhanglani, an individ...