ITAT Deletes Tax Additions Based on Uncorroborated Dumb Diaries & Retracted Statements

Estate Investment Company Pvt. Ltd. Vs DCIT (ITAT Mumbai) “Dumb Diaries Can’t Create Tax Liability” – ITAT Deletes Additions Based on Uncorroborated Search Notings & Retracted Statements Assessee faced search &  survey operations on 07.10.2021. Diaries &  loose sheets maintained by an employee (PKS) were found, containing rough cash entries allegedly related to NOC receipts for release of rights in Eksali lands &  other cash dealings. AO treated diary entries as conclusive evidence & , based on statements of PKS, NKS &  KB recorded u/s 132(4), made huge addi...