No Reassessment Without Concrete Evidence on Loan Sources

DCIT Vs Ashok Jasraj Jain (ITAT Mumbai) No reassessment based on “certain presumptions” without concrete material evidence for doubting source of funds as Loans in Bank Statement Conclusion: Once the company had shown the source of giving loan from various transactions reflected in the bank statement and had given the details, there were no reason to doubt the source of funds. Therefore, reassessment for doubting source of funds as loans in Bank statement was unjustified. Held: Assessee had filed his income tax return on in which he declared a total income of Rs. 35,00,611, accepted under ...