ITAT Jodhpur Quashes Addition which were Based on Loose Papers

ACIT Vs Ankit Chirag Developers Pvt. Ltd. (ITAT Jodhpur) The Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, recently dismissed appeals filed by the Assistant Commissioner of Income Tax (ACIT) against Ankit Chirag Developers Pvt. Ltd. for the assessment years 2011-12 and 2012-13. The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] to delete an addition of Rs. 36,51,800/- made by the Assessing Officer (AO) on account of alleged understatement of sale consideration for flats. The ruling underscored the principle that additions cannot be based solely on unco...