Section 69 Addition based on loose sheets without corroborative evidence not sustainable

ACIT Vs Chandrasekaran Joseph Vijay (ITAT Chennai) ITAT Chennai held that addition under section 69 towards unexplained investment merely based on loose sheets without any corroborative evidences is unsustainable in law. Also held that addition on the basis of mere assumption and presumption not sustainable. Facts- During the course of search, certain incriminating material was found and seized. Consequently, notice u/s.153A was issued to the assessee on 07-12-2020. In response, the assessee admitted income of Rs.24.66 Crores. Notices u/s 143(2) and 142(1) were issued in due course calling for...