Quick Summary
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has dismissed an appeal filed by the Income Tax Department and upheld the deletion of an addition made on account of alleged unexplained cash receipt in a commercial property transaction, citing lack of credible and legally admissible evidence. Background of the Case The case pertained to the sale of a commercial property located in Pune, where the taxpayer had disclosed a sale consideration of Rs 3.38 crore through a duly registered sale
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The case involved an allegation by the Income Tax Department that a taxpayer received over Rs 3 crore in unexplained cash during the sale of a Pune commercial property.
The department primarily relied on a WhatsApp chat screenshot, which contained rough calculations of property rates, and government website data for adjacent properties.
The ITAT found the WhatsApp screenshot to be unauthenticated, lacking any reference to the taxpayer or the specific transaction, and not supported by a valid certificate under Section 65B(4) of the Indian Evidence Act.
No, the ITAT noted that no incriminating material, cash, documents, or corroborative statements were found during search proceedings to support the allegation of unaccounted money.
The taxpayer declared a sale consideration of Rs 3.38 crore, which was higher than the official stamp duty value of Rs 2.56 crore.
The ITAT upheld the deletion of the addition made by the Assessing Officer, dismissing the Revenue's appeal as the allegations were based on assumptions rather than concrete evidence.
CAclubindia
