ITAT Mumbai: On-Money Addition Crumbles Without Evidence – Platinum Mall Case

Meena Lalit Jain Vs ACIT (ITAT Mumbai) ITAT Mumbai: “On-Money” Addition Crumbles Without Evidence – Platinum Mall Case In a significant ruling, the ITAT Mumbai deleted additions made under Section 69 across three assessment years, where the Assessing Officer alleged cash (“on-money”) payments for purchase of shops in the Platinum Mall project. The entire addition was based on third-party statements and an excel sheet seized from another party during a search. The Tribunal held that no incriminating material was found from the assessee, and the addition was built solely on third-party...