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 that the diary merely rec...