Unexplained money - If the Assessing Officer is able to ...

Assessing Officer Needs Direct Evidence to Add On-Money Payments u/s 69B; Other Buyers' Actions Insufficient.

May 5, 2021

Case Laws Income Tax AT

Unexplained money - If the Assessing Officer is able to establish on the basis of evidence gathered that the assessee has paid on- money to the extent quantified by him, then he can make the addition under S.69B. On the flip side, if there is no evidence available on record to directly link the assessee towards payment of on-money, then merely on the basis of the fact that some other buyers have accepted payment of on-money, no addition can be made. - AT

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Unexplained money - If the Assessing Officer is able to ...

Assessing Officer Needs Direct Evidence to Add On-Money Payments u/s 69B; Other Buyers' Actions Insufficient.

May 5, 2021

Case Laws Income Tax AT

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