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ITAT Deletes Addition Based on Builder’s Disclosure; Finds Cash Payment Reasonable
Case Law Details
- Case Name
- Jayshriben Bipinchandra Modi Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Jayshriben Bipinchandra Modi Vs ITO (ITAT Ahmedabad)
Small Cash Payment for Flat Purchase Accepted – ITAT Ahmedabad Deletes Addition u/s 69 for ₹3.38 Lakh Made on Builder’s Disclosure
Ahmedabad ITAT comprising allowed the assessee’s appeal & deleted the addition made u/s 69 for alleged unexplained investment.
AO had added ₹11,38,000/- towards the amount paid to a builder — ₹8,00,000/- by cheque & ₹3,38,000/- in cash — treating it as unexplained. CIT(A)/NFAC upheld the addition on the ground that Assessee failed to substantiate the source of payment.
Before the Tribuna...
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