Absence of cross-examination vitiates third-party statements: ITAT Nagpur

DCIT Vs Sanjay Gaurishankar Agrawal (ITAT Nagpur)

1. Facts of the Case

1.1 The assessee, Shri Sanjay Gaurishankar Agrawal, had received unsecured loans amounting to ₹3.30 crores from M/s Anubhav Vinimay Pvt. Ltd. during AY 2014–15.

1.2 During a search and seizure operation conducted at the premises of the assessee, incriminating documents related to unsecured loans and investments in certain Kolkata-based companies were recovered. Statements were recorded wherein it was admitted that the assessee and his family were Directors in companies based at

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