Additions to Income Require Concrete Evidence, Not Mere Suspicion or Third-Party Information

DCIT Vs Dinesh Lakhmichand Rohira (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai bench has dismissed an appeal filed by the Deputy Commissioner of Income Tax (DCIT) challenging an order of the Commissioner of Income Tax (Appeals) [CIT(A)] which had deleted an addition of Rs 1,96,00,000 made in the case of Dinesh Lakhmichand Rohira for Assessment Year 2015-16. The dispute centered on an addition made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961, treating the amount as unexplained money. This action followed the reopening of the assessment based on infor...