ITAT Deletes On-Money Addition Due to Lack of Corroborative Evidence

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. The Tribunal obs...