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Addition Based on Retracted Third Party Statement Without Cross-Examination Invalid
Case Law Details
- Case Name
- Sapphire Fintech Pvt. Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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Sapphire Fintech Pvt. Ltd. Vs DCIT (ITAT Mumbai)
Addition Based on Retracted Third – Party Statement Without Cross-Examination Invalid – ITAT Remands Matter to AO
Assessee, a financing company, had originally been assessed u/s 143(3) accepting the returned income. Later, based on information from Investigation Wing that Rajendra Jain Group was providing accommodation entries, the AO reopened the assessment u/s 147 alleging that the Assessee received bogus loans of ₹1 crore (AY 2007-08) & ₹56 lakh/other amounts (AY 2010-11) from entities controlled by Rajendra J...
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