Excel Sheets & Third-Party Statements Alone Cannot Prove Cash Payment: ITAT Mumbai

Abdul Razzaq Nadvi Vs DCIT (ITAT Mumbai) No Addition on “Excel Sheet Theory” Alone – ITAT Mumbai Deletes ₹64 Lakh Alleged On-Money Addition in Rubberwala Group Case! The Mumbai ITAT deleted an addition of ₹64 lakh made u/s 69 towards alleged cash “on-money” paid for purchase of a commercial property from the Rubberwala Group, holding that the Revenue cannot sustain additions merely on the basis of third-party statements and uncorroborated excel-sheet entries. The addition arose from a search conducted on the Rubberwala Group, where an employee allegedly admitted that cash com...