No addition based on Loose papers on mere suspicion without any corroborative evidence

Mansukh Timbadia Vs ACIT (ITAT Pune) In this case scrutiny of entries of seized loose papers reveals that the transactions noted thereon were not genuine and have no evidentiary value for the reason no clear details concerning the AY consideration are ascertainable as rightly pointed by the ld. AR as it establishes estimations only. This is apparent from the impugned order that the CIT(A) recorded a finding that the transaction noted in the seized papers as relied on by the AO were not genuine. Therefore, in our opinion, there was no document to show the payment of such a huge cash payment of ...