https://www.taxtmi.com/caselaws?id=311424 The ITAT Delhi ruled in favor of the assessee on multiple grounds. Regarding unaccounted interest payment, the tribunal held that loan agreements were effectively converted to sale agreements when lenders exercised their option to purchase plots, eliminating any interest liability. The tribunal found no evidence of actual interest payments and rejected revenue's presumptions as mere suspicion. For alleged cash receipts totaling Rs. 150 crores versus recorded Rs. 105 crores, the tribunal determined that email communications alone were insufficient evidence without corroborative proof of actual cash transactions. Regarding cash found at premises under section 69A, the tribunal held that the AO failed to properly investigate the assessee's explanation about advance booking receipts and didn't exercise statutory powers to summon witnesses, placing undue burden on the assessee. en-us Thu, 20 Apr 2023 00:00:00 +0530 Mon, 03 Mar 2025 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311424 The ITAT Delhi ruled in favor of the assessee on multiple grounds. Regarding unaccounted interest payment, the tribunal held that loan agreements were effectively converted to sale agreements when lenders exercised their option to purchase plots, eliminating any interest liability. The tribunal found no evidence of actual interest payments and rejected revenue's presumptions as mere suspicion. For alleged cash receipts totaling Rs. 150 crores versus recorded Rs. 105 crores, the tribunal determined that email communications alone were insufficient evidence without corroborative proof of actual cash transactions. Regarding cash found at premises under section 69A, the tribunal held that the AO failed to properly investigate the assessee's explanation about advance booking receipts and didn't exercise statutory powers to summon witnesses, placing undue burden on the assessee. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311424