Addition based on loose papers without corroborative material not Valid: ITAT Nagpur

DCIT Vs Metrocity Home (ITAT Nagpur) ITAT Nagpur held that addition merely on the basis of dumb documents, loose paper containing scribbling, rough/vague notings without any corroborative material, evidence on record and finding that such dumb documents had materialized into transactions giving rise to income is not sustainable in law. Accordingly, appeal of revenue dismissed. Facts- The assessee is a Partnership Firm. A search and seizure action u/s. 132 of the Income Tax Act, 1961 was conducted on 25/06/2019, in the case of Shri Prashant Bongirwar. During the course of search and seizure ope...