Case Law Details
Case Name : Jayant Warping Works Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2015-16 to 2020-2021
Courts :
All ITAT ITAT Mumbai
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Jayant Warping Works Vs DCIT (ITAT Mumbai)
Section 68 Addition Deleted in Search Case – No Incriminating Material “Dumb Documents” Rejected
Mumbai ITAT delivered a detailed ruling deleting additions made u/s 68 and 69C in search assessments, holding that in absence of incriminating material, no addition can be sustained in unabated assessments.
On unsecured loans (₹50 lakh u/s 68):
Assessee furnished complete documentary evidence:
PAN, ITR, financials, confirmations, bank statements
AO relied on:
Investigation Wing reports (Kolkata)
Third-party statements (later retracted)
Tribu...
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