Black Diary Notings Held Dumb & Reconciled: ITAT Mumbai Deletes ₹7.23 Cr Additions

Prashant Prakash Nilawar Vs ACIT (ITAT Mumbai)

Black Diary Notings Held Dumb & Reconciled – ITAT Mumbai Deletes Entire ₹7.23 Cr Additions in Search Case

Search u/s 132 on the Rucha Group led to additions of ₹7.23 crore in the case of Prashant Prakash Nilawar, a land consultant, based on a black spiral diary & certain loose sheets allegedly evidencing unaccounted cash expenses.

AO treated various notings in the diary as unexplained expenditure u/s 69C, unexplained money u/s 69A, & unexplained investment in jewellery u/s 69B, despite Assessee’s claim

Please become a Premium member. If you are already a Premium member, login here to access the full content.