Assessment Based on Mere Unverified Third Party Statement Bad in Law: ITAT Mumbai

Advertisement Kundal Raghubir Bhandari Vs ITO (ITAT Mumbai) In this case, the Income Tax Appellate Tribunal (ITAT) Mumbai reviewed an appeal filed by the assessee against an order by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi. The dispute arose from the addition of ₹11,33,000/- as undisclosed income by the Assessing Officer. The Assessing Officer initiated proceedings under section 148 of the Income Tax Act based on information received from the Directorate of Income Tax, Central Circle-1(3), Mumbai. The information suggested that the assessee had mad...