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Black Diary Notings Held Dumb & Reconciled: ITAT Mumbai Deletes ₹7.23 Cr Additions
Case Law Details
- Case Name
- Prashant Prakash Nilawar Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Mumbai
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Prashant Prakash Nilawar Vs ACIT (ITAT Mumbai)
Black Diary Notings Held Dumb & Reconciled – ITAT Mumbai Deletes Entire ₹7.23 Cr Additions in Search Case
Search u/s 132 on the Rucha Group led to additions of ₹7.23 crore in the case of Prashant Prakash Nilawar, a land consultant, based on a black spiral diary & certain loose sheets allegedly evidencing unaccounted cash expenses.
AO treated various notings in the diary as unexplained expenditure u/s 69C, unexplained money u/s 69A, & unexplained investment in jewellery u/s 69B, despite Assessee’s claim that the diary merely rec...
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