Additions made u/s 69 and Section 56 in the absence of direct incriminating evidence linking the assessee to the alleged unexplained investments and interest income. - Assessment of search and seizure

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... me Tax (Appeals) [CIT(A)], which deleted additions made by the Assessing Officer (AO) under Section 69 and Section 56 of the Income Tax Act for Assessment Years (AY) 2012-13 to 2018-19. The additions were made based on incriminating materials found during a search operation on the Sunshine Group and its associates, which indicated unsecured loans, bogus purchases, and Long Term Capital Gains .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e evidence was solely based on a third-party search. Lack of Direct Incriminating Evidence : The Tribunal found no direct incriminating evidence against the assessee that linked the seized materials from the third-party search to him. Cross Examination and Banking Transactions : It was observed that the assessee had the opportunity to cross-examine the third-party, confirming that transact .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X