Addition u/s 69C on basis of statement of third party without providing opportunity of cross-examination to assessee was invalid

Bhatia Diamonds Pvt. Ltd. Vs ITO (ITAT Delhi) Conclusion: Addition under section 69C on the basis of statement of third party without granting opportunity of cross-examination to assessee was not valid as it amounted to ivolation of principle of natural justice and against the law. Held: During the course of search and seizure action, statement of Sh. R Jain and Sh. S Jain were recorded on oath wherein they admitted that the concerned controlled and managed by them were not doing any real trading in diamonds but indulged in paper transactions only. Shri R Jain also submitted that there were so...