Cash Rebate Allegation of ₹9.06 Cr: Tribunal Rejects 7.5% Theory for Lack of Proof

ACIT Vs Bannari Amman Sugars Ltd. (ITAT Chennai) Dumb Documents Collapse ₹9.06 Cr Theory- Suspicion Isn’t Evidence-: ITAT Chennai Deletes 7.5% Cash Rebate Addition Revenue appealed deletion of additions made by AO u/s 69B alleging unaccounted cash payments by Assessee to Chettinad Builders in lieu of 7.5% rebate on construction contracts. AO relied on diaries & loose sheets seized from Chettinad Group containing notings of cash said to relate to “Bannari Amman/BASL”, statements of some employees & an email referencing 7.5% rebate. Tribunal noted that (i) seized notings were vag...