ITAT Mumbai deletes ₹21.99L Sec 69B addition; third-party statement without cross-examination held invalid

Bhagawati M Jain Vs ITO (ITAT Mumbai) ITAT Mumbai deletes ₹21.99 lakh addition U/s 69B for alleged on-money; holds addition based on third-party statement without cross-examination invalid In this case, the Mumbai ITAT examined an addition of ₹21.99 lakh u/s 69B made towards alleged “on-money” payment for purchase of a shop, based on search findings in the case of a builder group. The AO relied primarily on third-party statements (builder’s partner) and seized material, alleging that the assessee had paid cash over and above the agreement value. The Tribunal noted that the assessee h...