Cash Payments Not Recorded in Sale Deed Treated as Unexplained Investment – Gifts from Parents Accepted as Genuine -ITAT Hyderabad

Sunil Kumar Mukka Vs DCIT (ITAT Hyderabad) The two appeals arose from identical additions made following a search in the case of M/s. MSR India Ltd. & its Director Shri M. Srinivasa Reddy, who was also associated with M/s. Mirchi Developers Pvt. Ltd. – the real estate company that sold plots to the Assessees. During the course of search, the Investigation Wing seized certain documents that recorded sale transactions showing higher sale consideration than what appeared in registered sale deeds. In the case of Shri Sunil Kumar Mukka, Assessee had purchased Plot at Domer Pochampally Vil...