Reassessment Addition Based Solely on Retracted Third-Party Statements Quashed: ITAT Mumbai

Dhiren Pradip Sadiwala Vs ITO (ITAT Mumbai) Reassessment Addition Based Solely on Retracted Third-Party Statements Quashed: ITAT Mumbai Deletes ₹17 Lakh Cash Loan Addition The Mumbai ITAT (SMC Bench) allowed the appeal of the assessee for AY 2012-13 and deleted an addition of ₹17 lakh made as “income from other sources” on account of alleged unexplained cash loan, arising from reassessment proceedings under sections 147/148. The reassessment was initiated based on information emanating from a search on Evergreen Enterprises, wherein its partner allegedly stated that the assessee had ad...