ITAT Deletes Protective Addition: Revenue Failed to Corroborate ₹9.7 Crore Payment Evidence

Ankush Kumar Jain Vs ITO (ITAT Jaipur) Statement Alone Cannot Tax ₹9.70 Crore: ITAT Jaipur Deletes Protective Addition for Lack of Corroborative Evidence Jaipur Bench of the ITAT dealt with a case where AO made a protective addition of ₹9.70 crore on the allegation that Assessee had paid this amount in cash to one Shri Mohit Garg for purchase of gold. The foundation of the addition was only the statement of Mohit Garg recorded u/s 132(4) during search, in which he stated that he received the money from “Ankush Kumar Jain” & also mentioned a PAN number that matched the assessee’s ...