ITAT Deletes Section 69 Additions Over Unsupported On-Money Claims

Bhavana Vikram Jain Vs ACIT (ITAT Mumbai) On-Money Allegation Based Only on Third-Party Pen Drive & Statement Can’t Survive: ITAT Deletes Section 69 Additions Additions u/s 69 were made alleging cash on-money payments for purchase of a shop in “Platinum Mall”, based solely on statements of Rubberwala Group employee Shri Imran Ansari & Excel data found in a pen drive seized from his possession during search on Rubberwala Group. Tribunal noted that the shop transaction itself took place only in FY 2018-19 relevant to AY 2019-20, hence additions in AYs 2017-18 & 2018-19 were fac...