Addition Based Solely on Third-Party Statement Without Cross-Examination Quashed

Ratnadeep Infrastructure Pvt. Ltd. Vs ITO (ITAT Ahmedabad) Suspicion Isn’t Evidence – Addition Based on Third-Party Statement Without Cross-Examination Quashed – ITAT Ahmedabad Deletes ₹60 Lakh On-Money Allegation Assessee, a construction & development company, filed its returns declaring loss. Based on information from the case of Hytaisun Magnetics Ltd. (HML), AO reopened the assessment u/s 147 on the basis of a statement given by Shri Bharat A. Patel, who claimed that HML sold land & factory to Assessee for ₹7.58 crore—₹2.50 crore by cheque & ₹5.08 crore in c...