https://www.taxtmi.com/caselaws?id=756002 The ITAT Amritsar ruled in favor of the assessee regarding disallowance of expenditure based on third-party information. The tribunal held that information collected from behind the assessee's back cannot justify disallowing purchases without independent verification by the AO. The three-member bench, with the third member concurring with the Judicial Member, deleted the addition confirmed by CIT(A). The tribunal emphasized that investigation wing information serves only to initiate assessment proceedings but cannot be treated as conclusive evidence without proper cross-verification and opportunity for cross-examination. en-us Wed, 03 Jul 2024 00:00:00 +0530 Wed, 24 Jul 2024 22:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756002 The ITAT Amritsar ruled in favor of the assessee regarding disallowance of expenditure based on third-party information. The tribunal held that information collected from behind the assessee's back cannot justify disallowing purchases without independent verification by the AO. The three-member bench, with the third member concurring with the Judicial Member, deleted the addition confirmed by CIT(A). The tribunal emphasized that investigation wing information serves only to initiate assessment proceedings but cannot be treated as conclusive evidence without proper cross-verification and opportunity for cross-examination. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756002