Dumb Electronic Documents Cannot Create Taxable Investment

ACIT Vs Jayesh Umakant Manania (ITAT Mumbai) Dumb WhatsApp Scribbles Can’t Create Black Money: ITAT Mumbai Upholds Deletion of ₹70 Lakh u/s 69 Mumbai ITAT dismissed the Revenue’s appeal and upheld deletion of ₹70,00,000 added u/s 69 in the case of Jayesh Umakant Manania for AY 2011-12. The reassessment was framed on the basis of third-party electronic images / loose notings allegedly recovered from the mobile phone of Shri Pankaj Goshar, purportedly indicating cash payments for booking of flats in a project of M/s Kalyanji Velji HUF. The AO treated the alleged cash component as unexpla...