On-Money Additions Collapse: ITAT Deletes Sec 69 Additions Based on Third-Party Pen Drive

Krishna Mali Vs ACIT (ITAT Mumbai) On-Money Additions Collapse: ITAT Deletes Sec 69 Additions Based on Third-Party Pen Drive The ITAT Mumbai deleted additions made under Section 69 towards alleged “on-money” cash payments for purchase of shops, holding that mere reliance on third-party statements and data found in a pen drive is insufficient without independent corroboration. The additions were based on statements of a key employee of the builder group and Excel data recovered from his pen drive during a search. However, the Tribunal noted that no incriminating material was found from the ...