Pune ITAT Deletes ₹4.02 Crore ‘On-Money’ Addition; Third-Party Statements and Dumb Documents Not Enough

DCIT Vs Karan Gupta (ITAT Pune) Pune ITAT Deletes ₹4.02 Crore ‘On-Money’ Addition; Third-Party Statements and Dumb Documents Not Enough The Pune ITAT upheld the deletion of an addition of ₹4.02 crore made under section 153C on account of alleged cash “on-money” paid for purchase of land at Savargaon, holding that no addition can be sustained merely on the basis of third-party statements, loose papers and presumptions without independent corroborative evidence. The assessee, one of the co-purchasers of Savargaon land from the Kokani family, was alleged to have paid cash over and abo...