https://www.taxtmi.com/caselaws?id=774224 ITAT Mumbai held that additions made to assessee's income based solely on third-party statements under Section 131 without corroborative evidence cannot be sustained. The AO failed to conduct independent inquiry and relied only on investigation wing materials that did not clearly establish assessee's involvement in cash transactions. Seized documents and TDR purchase details contained no reference to assessee's name. The tribunal found no evidence supporting AO's conclusion that the defunct assessee firm was used for routing cash transactions. Additionally, AO passed assessment order without disposing of assessee's objections to reopening, violating jurisdictional requirements. All additions deleted and grounds allowed. en-us Fri, 23 May 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774224 ITAT Mumbai held that additions made to assessee's income based solely on third-party statements under Section 131 without corroborative evidence cannot be sustained. The AO failed to conduct independent inquiry and relied only on investigation wing materials that did not clearly establish assessee's involvement in cash transactions. Seized documents and TDR purchase details contained no reference to assessee's name. The tribunal found no evidence supporting AO's conclusion that the defunct assessee firm was used for routing cash transactions. Additionally, AO passed assessment order without disposing of assessee's objections to reopening, violating jurisdictional requirements. All additions deleted and grounds allowed. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774224