ITAT Ahmedabad Deletes On-Money Additions; Loose Papers Insufficient

SKZ Developers LLP Vs ACIT/DCIT Cent. (ITAT Ahmedabad) ITAT Ahmedabad Deletes ‘On-Money’ Additions in Real Estate Projects: Loose Sheets & Offer Rates Cannot Replace Evidence The Ahmedabad Bench of the ITAT allowed the assessee’s appeals and dismissed the Revenue’s appeals for AYs 2021-22 and 2022-23, holding that additions on account of alleged “on-money” receipts in real estate projects Privilon and Paarijat Eclate were unsustainable. The Tribunal found that the Assessing Officer’s case rested entirely on loose excel sheets, internal cost workings, broker data and WhatsApp ...