“Dumb Documents” Seized from Third Party Cannot Justify Income Addition

DCIT Vs Rajesh Kumar Kedia (ITAT Kolkata) Dumb Documents & Probable Transactions Can’t Justify Reopening – ITAT Kolkata Quashes 69A Addition & Reassessment Based on Search Assessee was alleged to have advanced unaccounted cash loans of ₹8.80 crore through finance brokers Sanwaria & Kasera, based on documents seized during a search on their group. AO reopened the assessment u/s 147 & added ₹9.41 crore u/s 69A (including interest & brokerage) treating the seized papers as proof of unaccounted investments. AO also relied on brokers’ statements recorded u/s 132(4), th...