Allowing the appeal of the assessee the Tribunal held that addition cannot be made on presumptions that the assessee routed its own cash in the form of unsecured loans, when the statement of Mr Parveen Kumar Jain was retracted. (ITA No. 629/Mum/2020 dt. 11-6 2021) (AY. 2013-14).
Nisarg Lifespace LLP v. ITO (2021) The Chamber’s Journal-August-P. 92 (Mum.)(Trib.)
S. 68 : Cash credits-Statement of Mr Praveen Kumar Jain which was retracted-Addition cannot be made on presumptions that the assessee has routed its own cash in the form of unsecured loans. [S. 132]