Lack of Corroborative Evidence for Addition of Rs.4.93 Cr as Unaccounted Property Investment: ITAT Dismisses Revenue Appeals

The Income Tax Appellate Tribunal (ITAT) has dismissed the revenue department's appeal challenging the addition of ₹4.93 crore as unaccounted property investment. The ITAT ruled in favor of the assessee due to the lack of corroborative evidence presented by the revenue department, emphasizing the critical need for substantive proof in tax disputes.