https://www.taxtmi.com/caselaws?id=461125 ITAT Ahmedabad ruled against revenue in a case involving addition under section 69C based on alleged on-money payments for property purchases. The assessee's name appeared in an excel sheet found at a third party's premises, but ITAT held that additions cannot be made solely on such notings without corroborative evidence. The assessee had provided all relevant purchase documents including agreements and cheque payment details. ITAT emphasized that additions based on third-party statements require allowing cross-examination opportunities, which was denied here. The third party's locus standi regarding the property developer was also unclear, undermining the statement's evidentiary value. en-us Thu, 31 Aug 2023 00:00:00 +0530 Sat, 15 Mar 2025 14:15:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461125 ITAT Ahmedabad ruled against revenue in a case involving addition under section 69C based on alleged on-money payments for property purchases. The assessee's name appeared in an excel sheet found at a third party's premises, but ITAT held that additions cannot be made solely on such notings without corroborative evidence. The assessee had provided all relevant purchase documents including agreements and cheque payment details. ITAT emphasized that additions based on third-party statements require allowing cross-examination opportunities, which was denied here. The third party's locus standi regarding the property developer was also unclear, undermining the statement's evidentiary value. Case-Laws Income Tax Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461125