ITAT quashes Income Tax Additions based on Third Party Statements [Read Order]
The key evidence used by the Assessing Officer (AO) to support the additions was a statement given by Shri Praveen Kumar Jain during a search in 2013, which was later retracted
By Manu Sharma - On October 10, 2024 10:44 am - 2 mins read
The Income Tax Appellate Tribunal ( ITAT ) has quashed income tax additions based solely on third-party statements, as seen in the recent ruling in Olive Overseas Pvt. Ltd. vs. DCIT. In this case, the assessment proceedings against Olive Overseas Pvt. Ltd. were initiated following a search operation on another party, Shri Praveen Kumar Jain,…
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