Additions Invalid if made Without Inquiry on Mere Suspicion: ITAT Mumbai

Hitesh Joitkumar Jain Vs ACIT (ITAT Mumbai) ITAT Mumbai held that based on mere suspicion arising from information received from another authority, the Assessing Officer should not have made additions without conducting an independent inquiry and providing the Assessee with due opportunity. The Income Tax Appellate Tribunal (ITAT) Mumbai heard cross appeals concerning the Assessment Year 2017-18. The revenue contested the deletion of an addition of ₹53.31 crores, treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961, by the Commissioner of Income Tax (Appeals) [CIT(...