Referring to the decision of Madars High Court in case of P.V. Going further, the Bench held that the AO cannot make additions solely based on retracted statement of third-parties, if assessee had claimed otherwise. In his statement, R. Sabapathy deposed that cash loans were taken by him to pay for the purchase of immoveable properties at Perambur, which was …
R Srinivasa Rao’s Sabapathy reminded me of Mr. Denton on Doomsday, an episode from Rod Serling’s cult classic TV series, The Twilight Zone. In the latter, fate, personified as a strange salesman, saves a former gunslinger’s life from chronic alcoholism and a fatally dangerous duel by giving him a gun and a tiny bottle of magical potion. However, unlike The …
