No section 69B addition solely based on data retrieved from Pen-drive

M/s. Asma Estates and Investments Private Limited Vs DCIT (ITAT Hyderabad) Conclusion: No addition could be made under section 69B  because the two pieces of evidence relied on by Revenue Authorities viz., the data retrieved from the Pen-drive and the admission by the vendors of the property though might have a persuasive value but would  not have much substantive evidentiary value in order to make additions in the hands of the assessee. Held: AO concluded that assessee company had paid on-money to the sellers of the property and added to the income of assessee invoking the provisions of sec...