Borrowed Satisfaction Not Valid for Reopening, ITAT Deletes ₹5.21 Cr Addition

DCIT Vs Danaram Jivaram Choudhary (ITAT Ahmedabad) Reopening Based on Borrowed Satisfaction Held Invalid – ₹5.21 Crore Addition Deleted- ITAT Ahmedabad Ahmedabad ITAT has dismissed the appeal filed by the Revenue in the case, upholding the order of CIT(A) which had quashed reopening & deleted addition of ₹5.21 crore made u/s 69A. Assessee had filed return of income declaring ₹23.53 lakh. Subsequently, AO received information from DDIT (Inv.), Ahmedabad pursuant to survey u/s 133A in the case of Mudra Finvest (Guj) Ltd. During survey, digital data in laptops & hard disks alleg...