Builder Statements Alone Could Not Prove On-Money Payment: ITAT Mumbai

Bharat Laxman Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, partly allowed the appeal of the assessee for Assessment Year 2011-12 by deleting the addition of ₹31 lakh made under Section 69 of the Income-tax Act, 1961, towards alleged unexplained investment in the form of on-money paid for the purchase of a flat from Cosmos Group. However, the Tribunal dismissed the assessee’s challenge to the reopening of assessment under Section 147 as the ground was not argued during appellate proceedings. The assessee, an individual deriving income from salary, had filed a r...