Additions Based on third-party Seized Documents & Retracted Statements Unsustainable: ITAT Bangalore

DCIT Vs Gopal Krishnanatsa Katigar (ITAT Bangalore) Assessee is an individual & a partner in two firms. A search u/s 132 was carried out in the case of the Mishra Group. The residential premises of assessee were also covered under the search proceedings. Documents were seized from the residence of Mr. Gridhar Laddha (Mr GL), the manager & key managerial personnel of the Mishra Group, indicating that loans were received from various parties by the Mishra Group, including the assessee, through both banking channels & cash. When the seized materials were confronted to the Mr. GL, ...