Initiation of proceedings u/s 153C based on loose sheets seized from third party unsustainable

DCIT Vs Jethmal Mehta (ITAT Delhi) ITAT Delhi held that initiation of proceedings u/s 153C of the Income Tax Act based on seized dumb documents found in the premises of third party is unsustainable in law as the seized documents are merely loose sheets not forming part of the books of account of the assessee and that they do not constitute admissible evidence. Facts- The search and seizure operation u/s 132 of the Act was carried out in the residential and business premises of Antriksh Group of cases on 05/02/2014. A notice u/s 153A(1) r.w.s. 153C of the Act dated 18/02/2016 was issued and ser...