Additions Based on Third-Party Statements Not Sustainable: ITAT The ITAT Ahmedabad allowed the assessee’s appeal, holding the reassessment invalid for lack of proper procedure and nexus, and deleted the Rs 94.50 lakh additions as unsustainable in law and on facts. The present appeal has been filed by Crystal Quinone Private Limited against DCIT, challenging the…
ITAT Grants Fresh Opportunity to Assessee; Case Sent Back for Review The Income Tax Appellate Tribunal ruled that the cash deposits of Rs 1,318,064 made in the assessee’s bank account cannot be considered unexplained, because the explanation given by the assessee, claiming that this amount was used by some other person for bitcoin transactions, was…
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