ITAT Mumbai: Section 68 Addition Deleted – Mere Suspicion & Third-Party Info Not Enough

DCIT Vs Vilpaben Pranavbhai Vora (ITAT Mumbai) ITAT Mumbai: Section 68 Addition Deleted – Mere Suspicion & Third-Party Info Not Enough In this case, the ITAT Mumbai upheld deletion of ₹5 crore addition u/s 68, holding that general allegations based on third-party search findings cannot substitute concrete evidence against the assessee. The Tribunal observed that: The AO relied heavily on investigation wing reports and search findings in other cases, without bringing any specific incriminating material against the assessee, The assessee had furnished complete documentary evidence-confi...