Browsing Tag

AY 2014-15

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ITAT Mumbai has dismissed the tax department's claim of black money against F A Construction, holding that large cash withdrawals were legitimately used to pay daily-wage labourers at remote construction sites. The Tribunal quashed additions of over ₹35 crore under Section 69A, emphasizing documented bank sources and no adverse findings in remand — proving once again that cash-heavy sectors like construction often face initial suspicion that clears with proper evidence.

Taxman Says Builder Had Black Money, Turns Out He Was Paying Labourers in Cash

ITAT Mumbai has dismissed the tax department’s claim of black money against F A Construction, holding that large cash withdrawals were legitimately used to pay daily-wage labourers at remote construction sites. The Tribunal quashed additions of over ₹35 crore under Section 69A, emphasizing documented bank sources and no adverse findings in remand — proving once again that cash-heavy sectors like construction often face initial suspicion that clears with proper evidence.