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ITAT Deletes On-Money Addition Due to Lack of Corroborative Evidence
Case Law Details
- Case Name
- Estates Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Hyderabad
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Estates Vs DCIT (ITAT Hyderabad)
Summary: The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted additions made under Sections 69 and 69B towards alleged on-money payments for purchase of commercial property, holding that additions based solely on third-party seized documents without corroborative evidence are unsustainable. The Assessing Officer relied on diaries, pen drives, and loose sheets seized from the premises of a third party, namely the Vamsiram Group, along with statements of employees claiming that entries were recorded after truncating two zeros....
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