Ashok Singh Yadav Vs ITO (ITAT Agra)
Seller’s Secret Excel Sheet Cannot Become Buyer’s Unexplained Investment: ₹1.27 Crore “On-Money” Additions Deleted
Omaxe Search-Based On-Money Additions Deleted for Lack of Corroboration
The Agra Bench of the ITAT has deleted additions of ₹30 lakh & ₹97 lakh made as alleged unexplained investment u/s 69 on the basis of Excel files recovered during a search on the Omaxe Group. The Tribunal held that loose papers and electronic data found with the seller cannot establish cash payment by a property buyer unless the entries are specifically linked to him through cogent & independent evidence.
The assessee had consistently denied paying any cash, while Omaxe itself confirmed that it had received only ₹1.51 lakh through RTGS and no other amount either in cash or through banking channels. Since neither the seized material nor statements of Omaxe’s employees were supplied to the assessee, and no opportunity of cross-examination was granted, the additions rested merely on assumptions & presumptions.
Omaxe Search Led to Reopening of Buyer’s Assessments
A search u/s 132 was conducted on the offices and residential premises of the Omaxe Group on 14-03-2022. During the search, the Department seized a hard disk containing Excel files allegedly recording unaccounted cash transactions.
