ITAT Rajkot Taxes Only Profit Element – On-Money Addition Trimmed to 8%

Ketkiben Samirbhai Jani Vs ITO (ITAT Rajkot)

ITAT Rajkot Trims ‘On-Money’ Addition – Only 8% Profit Element Taxable Instead of Entire Cash Component

A search on Shivalik, Shilp & Sharda Group led to seizure of digital data from brokers Manish Brahmbhatt & Bhaumik Panchal. A Word file “Floris 32.docx” was found showing alleged on-money cash payment of ₹5,06,000 for purchase of units in “Sky City Floris.” Based on this, AO reopened the case u/s 147 &  treated ₹1,68,667 (⅓ share) as unexplained cash u/s 69A in the hands of Assessee, Ketkiben Sam

Please become a Premium member. If you are already a Premium member, login here to access the full content.