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ITAT quashed reassessment proceedings regarding alleged undisclosed "on-money" payments to builder for residential property. AO's reliance on pen drive and documents seized during third-party search operation deemed insufficient without corroborative evidence. Assessee consistently denied making cash payments above agreement value. Critical procedural deficiencies noted: seized materials not confronted with assessee, statements under s.131 not shared, and no explicit mention of assessee in seized documents. ITAT emphasized that uncorroborated digital evidence from third-party searches cannot constitute credible basis for reassessment. Violation of natural justice principles where adverse materials not provided to assessee. Addition deleted as AO failed to establish authenticity of digital evidence or verify reliability of pen drive data.
ITAT quashed reassessment proceedings regarding alleged undisclosed "on-money" payments to builder for residential property. AO's reliance on pen drive and documents seized during third-party search operation deemed insufficient without corroborative evidence. Assessee consistently denied making cash payments above agreement value. Critical procedural deficiencies noted: seized materials not confronted with assessee, statements under s.131 not shared, and no explicit mention of assessee in seized documents. ITAT emphasized that uncorroborated digital evidence from third-party searches cannot constitute credible basis for reassessment. Violation of natural justice principles where adverse materials not provided to assessee. Addition deleted as AO failed to establish authenticity of digital evidence or verify reliability of pen drive data.
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