Section 68 Addition Deleted as AO Relied Only on Suspicion & Third-Party Material

Piyush Ashok Mehta Vs DCIT (ITAT Mumbai) Sec 68 Addition Deleted – Assessee Discharged Onus; AO Relied Only on Suspicion & Third-Party Material Assessee faced addition of ₹20 lakh (AY 2009-10) & ₹8 lakh (AY 2010-11) u/s 68 towards unsecured loans from Cartier Gems, based on survey findings in group cases alleging accommodation entries. CIT(A) upheld additions. Before ITAT, assessee demonstrated that complete evidences were furnished including loan confirmations, PAN, bank statements, financials & reply u/s 133(6) from lender. It was contended that AO made addition merely ...