Addition based on mere statement of assessee & loose papers/sheets/diaries: ITAT deletes 

Manoj Madanlal Chhajed Vs ACIT (ITAT Pune) ITAT Pune deletes addition of Rs. 39.69 Crores alleging accommodation entries, unexplained income and unexplained expenditure solely on the basis of statement of the assessee and loose papers/ sheets/ diaries. FULL TEXT OF THE ORDER OF ITAT PUNE These are the cross appeals filed by the assessee as well as by the Revenue. The appeals in IT(SS)A Nos.91 to 96/PUN/2022 filed by the assessee are directed against the order of ld. Commissioner of Income Tax (Appeals)-11, Pune dated 29.07.2022 for the assessment years 2012-13 to 2017-18. The cross appeals in ...