Retracted Statements Cannot Override Documentary Evidence: Additions Quashed

Anand Kumar Chaurasia Vs DCIT (ITAT Delhi)

Diamond Sale Genuine: Delhi ITAT Deletes ₹82.67 Cr u/s 68 & ₹14.88 Lakh u/s 69C; Protective Jewellery Addition Also Dismissed

Assessee filed ROI declaring income of Rs.87.30 crore, including LTCG of Rs.76.18 crore on sale of diamonds. Assessment u/s 143(3) (post-search centralisation) derecognised the LTCG, treated sale consideration of Rs.82,67,44,250 as unexplained cash credit u/s 68, disallowed alleged commission of Rs.14,88,140 u/s 69C, &  made a protective addition of Rs.2,05,13,134 towards unexpla

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