Mere statement of third-party not sufficient for addition of on-money sale: ITAT Chennai

Rajagopal Saravanan Vs ACIT (ITAT Chennai) ITAT Chennai held that addition towards on-money sale amount based on the third-party statement without any cogent positive evidence to sustain addition is unsustainable in law. Facts- The sole grievance of the assessee, vide the present appeal, is confirmation of addition of alleged on-money of Rs. 5 Crores on sale of certain property. Notably, as per assessee one of property located at Perambur, Chennai was sold to S. Selvakumari for Rs.16 Crores. However, pursuant to search action u/s 132 on Shri R. Sabapathy group, a small notebook was found from ...