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Dumb Documents Cannot Tax Real Estate Deal: ITAT Deletes Addition

Case Law Details

Case Name : ACIT Vs Rohan Corporation India Pvt. Ltd. (ITAT Bangalore)
Related Assessment Year : 2014-15
Courts : All ITAT ITAT Bangalore
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ACIT Vs Rohan Corporation India Pvt. Ltd. (ITAT Bangalore) Dumb Documents Can’t Tax Real Estate Deals – Loose Sheets Are Dumb Documents – ITAT Bangalore Deletes ₹2.52 Cr Additions Assessee company, a Mangalore-based real estate developer, faced additions of ₹2.52 crore for AY 2014-15 on the allegation that it made cash payments to Global Star Realtors Pvt. Ltd. AO relied on loose excel sheets impounded during a survey at SCDCC Bank in 2016, which purportedly reflected unrecorded payments. Similar additions were also made for AY 2015-16. CIT(A), Panaji deleted the additions, obser...
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Name: CA Vijayakumar Shetty
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Company: Shetty & Co, Chartered Accountants, Mangalore
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CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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