ITAT Orders Fresh Review as On-Money Addition Was Based on Loose Sheet

Dilip Prasad/ACIT Vs Alap Somabhai Patel (ITAT Ahmedabad) The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) dealt with a batch of appeals arising from a search conducted in the Popular Group, Ahmedabad, involving alleged on-money transactions in the sale of non-agricultural land situated at Godhavi village. The Revenue challenged the orders of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting additions made on the basis of alleged unaccounted consideration, while the assessees filed cross-objections. The dispute centered around a loose handwritten sheet seized during sea...