ITAT Delhi Quashes Rs. 27 Crore Addition: Uncorroborated Diary Holds No Value

Sanjay Jain Vs DCIT (ITAT Delhi) ITAT Delhi Quashes Rs. 27 Cr Addition – Diary Without Panchnama Has No Value-Mere Surrender Cannot Sustain Assessment- Diary Found Fabricated, No Corroboration ITAT Delhi allowed the appeal of the assessee by quashing the addition of Rs.27 crores made solely on the basis of a surrender letter & a disputed diary. Tribunal held that the diary was never seized through a valid panchnama, there was no corroborative evidence of commodity transactions, & the retraction filed by the assessee was consistent & credible. Consequently, the addition sustained ...