No addition for alleged unaccounted sale proceeds based on mere loose papers or retracted statements

Vionodchandra Dalsukhram Gokhlani Vs ITO (ITAT Ahmedabad)

The recent case of Vinodchandra Dalsukhram Gokhlani Vs ITO by ITAT Ahmedabad serves as a precedent on how material evidence plays a crucial role in matters related to alleged unaccounted sale proceeds. This article delves into the specifics of the case, examining its legal implications, the importance of material evidence, and the concept of ‘natural justice.’

Core Issue

The heart of this case lies in the matter of unaccounted sale proceeds for two shops, alleged by the Assessing Officer (AO) against the assessee, Mr. Gokhlani. According to the AO, the sale proceeds amounting to Rs.21,58,000/- were unaccounted for, prompting an appeal to the CIT(A).

Assessment Order and Grounds of Appeal

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