Seller’s Settlement Admission Can’t Implicate Buyer: On-Money Addition Deleted

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...