ITAT Chennai Deletes ₹32.72 Cr Addition Based on Notional Net-Worth Difference

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

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