Builder’s Statement Lacked Corroborative Evidence – ITAT Deletes On-Money Addition

Monika Anand Gupta Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, allowed the appeal of the assessee for Assessment Year 2011-12 and deleted the addition of ₹4 lakh made towards alleged on-money payment for the purchase of a flat developed by Cosmos Group. The addition had been made in reassessment proceedings initiated under Sections 147 and 148 of the Income-tax Act, 1961. According to the Revenue, information received from the Investigation Wing indicated that the assessee and her husband had paid cash on-money of ₹8 lakh in connection with the purchase of a flat...