Statement Alone Cannot Justify ‘On-Money’ Addition: ITAT Mumbai

Prakash Bhaguji Katkade Vs ITO (ITAT Mumbai) Cosmos Group ‘On-Money’ Addition Deleted Again: ITAT Says Statement Alone Is Not Evidence The Mumbai ITAT deleted an addition of ₹14.25 lakh made under section 69A in the case of Prakash Bhaguji Katkade, holding that the Revenue failed to produce any credible evidence that the assessee had paid alleged “on-money” for purchase of a flat from the Cosmos Group. The reassessment was initiated on the basis of information received from the Investigation Wing following a search on the Cosmos Group. According to the Department, certain emails, exc...