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Seller’s Settlement Admission Can’t Implicate Buyer: On-Money Addition Deleted
Case Law Details
- Case Name
- Dushyantbhai Ranchhodbhai Patel Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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Dushyantbhai Ranchhodbhai Patel Vs DCIT (ITAT Ahmedabad)
Third-Party Settlement Admission Can’t Bind Buyer: On-Money Addition under section 69 Deleted
Ahmedabad ITAT deleted an addition of ₹23 lakh u/s 69, holding that on-money admitted by the seller before Settlement Commission cannot be presumed against the purchaser in absence of independent evidence.
The Assessee had purchased a commercial office space on 10-12-2014 from M/s Dev Procon Ltd., with 50% share and recorded consideration of ₹21.55 lakh. AO reopened the assessment after four years alleging that during a search on Dev Group...
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