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Dumb Excel Sheets” cannot justify massive additions: Mumbai ITAT
Case Law Details
- Case Name
- Mafatlal Mangilal Kothari Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Mafatlal Mangilal Kothari Vs ACIT (ITAT Mumbai)
Dumb Excel Sheets” cannot justify massive additions – Mumbai ITAT deletes cash loan additions based on unverified third-party data
In a major relief to the assessee, the Mumbai ITAT deleted huge additions made u/s 69/69A r.w.s. 115BBE based on alleged unaccounted cash loan transactions recorded in third-party excel sheets seized during a search on the Nirmal Kumar Bardiya Group. The Tribunal held that the Revenue failed to establish any direct nexus between the assessee and the alleged transactions and observed that uncor...
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