Addition based on mere statement of assessee & loose papers/sheets/diaries: ITAT deletes 

Manoj Madanlal Chhajed Vs ACIT (ITAT Pune)

ITAT Pune deletes addition of Rs. 39.69 Crores alleging accommodation entries, unexplained income and unexplained expenditure solely on the basis of statement of the assessee and loose papers/ sheets/ diaries.

FULL TEXT OF THE ORDER OF ITAT PUNE

These are the cross appeals filed by the assessee as well as by the Revenue. The appeals in IT(SS)A Nos.91 to 96/PUN/2022 filed by the assessee are directed against the order of ld. Commissioner of Income Tax (Appeals)-11, Pune dated 29.07.2022 for the assessment years 2012-13 to 2017-18. The cross appeals in in IT(SS)A Nos.97 & 98/PUN/2022 filed by the Revenue are directed against the order of ld. Commissioner of Income Tax (Appeals)-11, Pune dated 29.07.2022 for the assessment years 2012-13 & 2015-16. The appeal of the assessee in ITA No.725/PUN/2022 is directed against the order of ld. Commissioner of Income Tax (Appeals)-11, Pune [‘the CIT(A)’] dated 29.07.2022 for the assessment year 2018-19.

2. Since the identical facts and common issues are involved in all the above captioned nine cross appeals, we proceed to dispose of the same by this common order.

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