Dumb Excel Sheets” cannot justify massive additions: Mumbai ITAT

Mafatlal Mangilal Kothari Vs ACIT (ITAT Mumbai) Dumb Excel Sheets” cannot justify massive additions – Mumbai ITAT deletes cash loan additions based on unverified third-party data In a major relief to the assessee, the Mumbai ITAT deleted huge additions made u/s 69/69A r.w.s. 115BBE based on alleged unaccounted cash loan transactions recorded in third-party excel sheets seized during a search on the Nirmal Kumar Bardiya Group. The Tribunal held that the Revenue failed to establish any direct nexus between the assessee and the alleged transactions and observed that uncorroborated electro...