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2020 (5) TMI 228 - AT - Income TaxReopening of assessment - reason to believe or reason to suspect - addition in hands of the assessee on the basis of some entries in the books of third persons as per noting found in the loose papers - additions were made as per informations were received from Investigation Wing on the basis of TEP (Tax Evasion petition) and the noting found in the loose papers wherein the name of the assessee is mentioned and against the name of the assessee 1.87 is written but whether it is an amount in thousand, Lakhs or Crores nothing is evident from that noting - HELD THAT:- Revenue Authorities could not bring any other corroborative evidences to substantiate the said noting in the loose paper. The entire addition has been based on this single noting found in this loose paper without any corroborative evidences. Even at the time of hearing, the Ld. DR could not place on record any relevant document, evidences in order to substantiate and corroborate the addition made on the basis of that entry in the loose paper. Tribunal in the case of Pradeep Amrutlal Runawal Vs. TRO [2015 (12) TMI 958 - ITAT PUNE] and Addl. CIT Vs. Miss Lata Mangeshkar [1973 (6) TMI 13 - BOMBAY HIGH COURT] wherein it is a settled legal position that it is not correct for the Assessing Officer to just rely on the noting found on the loose paper and make addition in the hands of the assessee if there is no corroborative evidences or materials substantiating to that effect. Noting in the loose paper on the basis of which the AO reopened the assessment did not contain any signature of the assessee and it is also not established whether at all any amount was received by the assessee and most important the Department could not bring on record any other corroborative evidences in support of the addition made - Decided in favour of assessee.
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