No addition for On-Money Payments solely on statement of real estate developer

Rajesh Prabhudas Parekh vs. CIT(A), ITO National Faceless Appeals Centre, Delhi (ITAT Mumbai) In the case of Rajesh Prabhudas Parekh Vs CIT(A), ITO at ITAT Mumbai, the court handled the contentious issue of “on-money” payments made by the assessee to a real estate developer. The primary question raised was the authenticity of a statement from a developer claiming the receipt of an ‘on-money’ payment, which was not corroborated by any other evidence or testimony. The key bone of contention in this case was the alleged payment of Rs.7,72,000 in cash, over and above the sa...