Rs 7 crore was added to taxpayer's income as unexplained cash credit; he wins case in ITAT Mumbai as it rules loose papers, chats can’t be treated as evidence

The Income Tax Appellate Tribunal in Mumbai has ruled in favour of Mr. Nilawar. The tribunal cleared him of unexplained cash credit charges amounting to Rs 11 crore. Evidence including diaries and receipts were deemed explainable. This decision overturns the Assessing Officer's additions. The tribunal emphasized that suspicion alone cannot replace proof in tax matters.

from Tax-Wealth-Economic Times https://ift.tt/wS21GJH