Dumb Documents Cannot Replace Evidence- ITAT Kolkata Deletes Rs. 11.35 Cr Addition

Suresh Kumar Banthia Vs DCIT (ITAT Kolkata)

Loose Sheets Are Dumb Documents – Suspicion & Dumb Documents Cannot Replace Evidence- ITAT Kolkata Deletes Rs. 11.35 Cr Addition; Retracted Survey Statement Cannot Justify 69A Addition

Assessee, a key person in the Citizen Group, was subjected to survey u/s 133A on 19.02.2020. AO relied on documents seized during search on finance brokers ‘Kasera’ & ‘Sanwaria’ in November 2018, as well as on nothings impounded during survey, to conclude that Assessee advanced large cash loans outside the books. B

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