Mere Search Statement Recorded from Third Parties 5 years ago not Relevant for Framing Current Assessment: ITAT [Read Order]

Search Statement Recorded from Third Parties - Search Statement - Statement Recorded - Third Parties - Framing Current Assessment - Current Assessment - Assessment - ITAT - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that mere search statements recorded from third parties 5 years ago would not be relevant for framing the current assessment year. The assessee,Jagat Jewels, was an ownership firm carrying on the business of trading in jewellery. The return of income for the AY 2013-14…

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