Only Profit on Alleged On-Money Taxable, ITAT Rajkot Restricted Addition to 30%

Jashvantiben Manojbhai Makwana Vs ITO (ITAT Rajkot) Only Profit Element of Alleged On-Money Taxable: ITAT Rajkot Restricts Addition to 30% The Income Tax Appellate Tribunal partly allowed the assessee’s appeal for AY 2021-22, restricting an addition made under section 69A on account of alleged on-money payment found in a third-party ledger seized during a search. The reassessment was initiated based on a digital “dump ledger” recovered from a builder during a section 132 search, allegedly showing cash payment of ₹80,000 by the assessee for purchase of a shop. The Tribunal noted serious...