ITAT Upholds ₹24 Lakh Addition as On-Money on Flat Sale

ACIT Vs Sandesh Kumar Jain (ITAT Jabalpur) The Income Tax Appellate Tribunal (ITAT) Jabalpur Bench has partially allowed an appeal filed by the Assistant Commissioner of Income Tax (ACIT) against an order by the Commissioner of Income Tax (Appeals) [CIT(A)] concerning Sandesh Kumar Jain for Assessment Year (AY) 2017-18. The case involved two primary disputes: the head of income for a surrendered amount of excess stock found during a survey, and an addition made under Section 68 for an unexplained cash credit. Background of the Case Sandesh Kumar Jain, an assessee involved in real estate develo...