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Suspicion Is Not Evidence: ITAT Deletes Rs. 3.68 Crore ‘On-Money’ Addition Based on Flat Allotment Letters
Case Law Details
- Case Name
- Esque Finmark Pvt. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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Esque Finmark Pvt. Ltd. Vs ITO (ITAT Mumbai)
Suspicion Is Not Evidence: ITAT Deletes Rs. 3.68 Crore ‘On-Money’ Addition Based on Flat Allotment Letters
The Mumbai ITAT deleted an addition of ₹3.68 crore made on account of alleged unaccounted cash receipts from prospective flat purchasers, holding that the Revenue cannot presume receipt of on-money merely because the consideration mentioned in allotment letters exceeds the advances reflected in the books of account.
The assessee, a real estate developer engaged in a redevelopment project at Kalachowki, Mumbai, had issued allotment letters...
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