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“Dumb Documents” Seized from Third Party Cannot Justify Income Addition
Case Law Details
- Case Name
- DCIT Vs Rajesh Kumar Kedia (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Rajesh Kumar Kedia (ITAT Kolkata)
Dumb Documents & Probable Transactions Can’t Justify Reopening – ITAT Kolkata Quashes 69A Addition & Reassessment Based on Search
Assessee was alleged to have advanced unaccounted cash loans of ₹8.80 crore through finance brokers Sanwaria & Kasera, based on documents seized during a search on their group. AO reopened the assessment u/s 147 & added ₹9.41 crore u/s 69A (including interest & brokerage) treating the seized papers as proof of unaccounted investments. AO also relied on brokers’ statements record...
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