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2018 (3) TMI 424 - AT - Income TaxValidity of assessment u/s 153C - proof of incriminating material found - Held that:- When dumb documents like the present loose sheets of papers are recovered and the Revenue wants to make use of it, the onus rests on the Revenue to collect cogent evidence to corroborate the noting therein. The Revenue has failed to corroborate the noting by bringing some cogent material on record to prove conclusively that the noting in the seized papers reveal the unaccounted on-money receipts of the assessee. Further, no circumstantial evidence in the form of any unaccounted cash, jewellery or investments outside the books of account was found in course of search in the case of assessee. Thus, the impugned addition was made by the AO on grossly inadequate material or rather no material at all and as such, deserves to be deleted. See ACIT vs. Layer Exports Pvt. Ltd. [2016 (10) TMI 1024 - ITAT MUMBAI] and ITO vs. Mangalam Gems Pvt. Ltd. [2017 (2) TMI 165 - ITAT MUMBAI] - Decided in favour of assessee
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