DY. CIT, SPECIAL RANGE vs RAVI HOLDINGS PVT. LTD.

The Supreme Court addressed the legality of additions made by the Assessing Officer under Section 158 BC and Section 158 BD of the Income Tax Act, 1961, concerning unaccounted income from 'on money' charged by the assessee in real estate transactions. The Court upheld the Tribunal's decision to reduce the estimated 'on money' from Rs.2,48,52,961 to Rs.64,35,000 and allowed a deduction for unaccounted expenditure, establishing that the Tribunal's findings were based on the evidence presented during the assessment. The Court affirmed the Tribunal's order, thereby reducing the tax liability of the assessee significantly.