On-Money Additions Deleted: Loose Digital Data & Third-Party Statements Not Enough

Smt. Jyoti Vs AO (ITAT Chandigarh) The Chandigarh Bench (SMC) of the ITAT granted substantial relief to the assessee by deleting additions of alleged “on-money” payments made for purchase of a flat, which were based solely on search material found during a third-party search on a real-estate developer (Homeland Group). The Assessing Officer alleged that the assessee had paid consideration over and above the registered sale deed value, relying on retrieved laptop data and statements of a former employee (CRM) of the builder. The Tribunal held that such material, without independent corrobor...