No Incriminating Evidence, No Addition: ITAT Deletes Jewellery Charges

Advertisement Amit Jatia & Smita Jatia Vs ACIT (ITAT Mumbai) Third-Party Statement Not Enough- Assessee Need Not Prove a Negative – No Incriminating Material, No Cash Payment—Tribunal Quashes Jewellery Additions In both appeals arising from search on Jatia Group, AO made additions alleging cash payments for jewellery purchased from Firestar International Pvt Ltd, based solely on the statement of a Firestar employee, Saurabh Shah, &  an excel sheet recovered in Firestar’s search. In Amit Jatia’s case, AO treated Rs.28,80,000 as cash paid over & above cheque payment ...