Addition merely based on dumb documents/ loose paper not tenable: ITAT Nagpur

DCIT Vs Metrocity Homes (ITAT Nagpur) ITAT Nagpur held that addition made on the basis of dumb documents, loose paper containing scribbling, rough/vague noting’s in the absence of any corroborative material is not tenable in law. Thus, 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 operation, several incriminating documents related to the assessee were found and seized from the residential p...