On-Money Jewellery Additions Fail Due to Denial of Cross-Examination

Priyanka Sandeep Runwal Vs DCIT (ITAT Mumbai) Firestar / Nirav Modi ‘On-Money’ Theory Fails Again: ITAT Mumbai Deletes Cash-Jewellery Additions for Want of Cross-Examination & Corroboration ITAT Mumbai (C Bench) in Priyanka Sandeep Runwal vs DCIT, Central Circle-4(1) (ITA Nos. 6524, 6522 & 6523/Mum/2024; AYs 2014-15, 2015-16 & 2016-17; order dated 23.12.2025) has allowed all three appeals, deleting additions made as unexplained expenditure on alleged cash (“on-money”) purchase of jewellery from the Nirav Modi / Firestar Group. The reassessments u/s 147 were triggered solely...