Addition based on loose papers without independent corroborative material not sustained

Shyam Sunder Bang Vs ACIT (ITAT Delhi) ITAT Delhi held that loose papers cannot be considered as admissible evidence for making an addition unless backed by independent corroborative material. Accordingly, addition made under section 69B of the Income Tax Act liable to be deleted. Facts- During the search and seizure operation of Navneet Dawar & others Group and Sh. Gurvinder Singh Duggal., certain documents papers ‘belonging to the Assessee’ was found and seized/impounded from the said premises. Accordingly, a proceedings u/s 153C of the Act was initiated and based on the docu...