Sree Ramachandra Veerapaneni vs. ACIT

Parties Involved

Facts Summary

The assessee, a doctor, filed his return of income for the assessment year 2018-19 on 20.10.2018 declaring an income of Rs. 1,86,72,330/-. Search and seizure proceedings were conducted on 12.07.2018, and certain loose sheets were found containing details of payments made by purchasers to the assessee and other co-owners towards the purchase of land. The AO issued a notice under Section 153C of the Act, treating Rs. 45,00,000/- as undisclosed cash consideration. The assessee appealed against this order, arguing that the addition was made without providing an opportunity for cross-examination of the relevant persons.…

Legal Issues

• 1. Whether the addition of Rs. 45,00,000/- as undisclosed cash consideration was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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