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ITAT Chennai Deletes ₹32.72 Cr Addition Based on Notional Net-Worth Difference
Case Law Details
- Case Name
- DCIT Vs Thiyagarajan Ravindran (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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DCIT Vs Thiyagarajan Ravindran (ITAT Chennai)
Loose Sheet Valuation Can’t Create Income – ITAT Chennai Deletes ₹32.72 Cr Addition Based on Notional Net-Worth Difference
A search u/s 132 was conducted in the case of Thiyagarajan Ravindran, partner in M/s Revathi Thanga Maligai & M/s Revathi Stores. Two loose sheets found during search showed his net-worth as ₹14.44 crore on 31.03.2017 & ₹47.16 crore on 31.07.2018. AO treated the difference of ₹32.72 crore as unexplained investment u/s 69, doubting the genuineness of the family settlement under which the Assessee received pro...
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