ITAT Deletes Addition Based on Builder’s Disclosure; Finds Cash Payment Reasonable

Jayshriben Bipinchandra Modi Vs ITO (ITAT Ahmedabad) Small Cash Payment for Flat Purchase Accepted – ITAT Ahmedabad Deletes Addition u/s 69 for ₹3.38 Lakh Made on Builder’s Disclosure Ahmedabad ITAT comprising allowed the assessee’s appeal & deleted the addition made u/s 69 for alleged unexplained investment. AO had added ₹11,38,000/- towards the amount paid to a builder — ₹8,00,000/- by cheque & ₹3,38,000/- in cash — treating it as unexplained. CIT(A)/NFAC upheld the addition on the ground that Assessee failed to substantiate the source of payment. Before the Tribuna...