Statement of person not connected with business has no evidentiary value

Madhur Jain Vs ITO (ITAT Delhi) In this case the valuation was done based on the statement of assessee’s son who is no way connected with assessee’s business except his occasional visits. Therefore, the statement of Sh. Rajat Jain has no evidentiary value. Facts- The assessee Late Sh. Rakesh Kumar Jain was an individual carrying on his business activity in trading of utensils, flat steel putta and manufacturing of utensils. The assessee filed ROI for AY 2014-15 on 29.11.2014 declaring income of Rs.4,07,660/-. Assessee also declared stock of Rs.88,16,413/- in his audited financials as on 31...