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 value, while the registered consideration was duly supported by banking transactions and documents. ...