AdvertisementSamir Kumar Datt Vs ACIT (ITAT Delhi) Delhi ITAT: Section 153C Assessment Quashed; Alleged ‘On-Money’ Addition Based on Assumption of Higher Assured Returns Deleted The Delhi ITAT quashed assessments made under section 153C and deleted additions towards alleged cash (“on-money”) payments for purchase of commercial units in the Elan Mercado project, holding that the Revenue had no incriminating material against the assessees and that the additions were based merely on assumptions drawn from the rate of assured returns. The Revenue had initiated proceedings under section 153C fol...