Dismissing the appeal of the revenue the Court held that; there was no reliable or independent evidence to come to the conclusion that the assesee had accepted on -money in the sale of the constructed properties. Accordingly the deletion of addition by the Tribunal is up held.
PCIT v. Nishant Construction (P) Ltd. (2019) 101 taxmann.com 179 / 260 Taxman 366 (Guj) (HC) Editorial : SLP of revenue is dismissed PCIT v. Nishant Construction ( P) Ltd. (2019) 260 Taxman 365 ( SC)
S. 69A : Unexplained money–On money-Loose documents–There was no reliable or independent evidence to come to the conclusion that the assessee had accepted on-money in the sale of the constructed properties–Deletion of addition by the Tribunal is up held.