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2024 (1) TMI 1276 - ITAT MUMBAIAddition u/s 69A - unaccounted cash loan and interest thereon - addition based on statement recorded of entry provider but was later retracted - in the course of search, a diary has been seized wherein few entries have been recorded and the Assessee’s name is also appearing in the same diary in coded word - HELD THAT:- It is an admitted fact that the AO has not entertained the Assessee’s request for cross examination of Entry provider [Shri Nilesh Bharani / M/s Evergreen Enterprises] and also it is a fact that Shri Nilesh Bharani subsequently retracted his statement. Therefore, his statement made earlier become doubtful as claimed by the Assessee and cannot be relied as substantive evidence. Even otherwise, we have failed to understand that how the name as mentioned in the said diary, as “NENSIBHI ELLA” can be attributed to the Assessee’s name. Further, how the coded amount of Rs. 32,500 can be construed as Rs. 3,25,000,00/-. How the Assessee is connected with the said narration of entries written in diary. As per Assessee’s claim, the mobile number noted in said diary is even otherwise do not belong to the Assessee and the AO also failed to verify the owner of the said number to connect with the Assessee. Thus retracted statement of Shri Nilesh Bharani/ M/s Evergreen Enterprises who otherwise neither named nor specified the role and also not connected the Assessee specifically and the aforesaid facts/entries made in the diary as noted above by us, in fact, is not at all substantive material to make and sustain the addition as done by the authorities below in this case and, therefore, we are inclined to delete the addition. Consequently, the addition under consideration stands deleted. Decided in favour of assessee.
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