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Reassessment Addition Based Solely on Retracted Third-Party Statements Quashed: ITAT Mumbai
Case Law Details
- Case Name
- Dhiren Pradip Sadiwala Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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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...
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