ITAT Hyderabad Deletes Addition Based Solely on Sec 132(4) Third-Party Statement for Lack of Corroboration

Nagalakshmi Devineni Vs DCIT (ITAT Hyderabad)

Addition Based Solely on 132(4) Statement Deleted – Third-Party Statement Without Corroboration Has No Evidentiary Value – ITAT Hyderabad

ITAT deleted additions made u/s 69A relating to alleged higher purchase consideration of agricultural land, holding that the AO relied solely on statements recorded u/s 132(4) without any independent corroborative evidence. The addition was based on a tentative statement of the assessee’s son estimating land

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