Loose Papers / dumb documents Lack Corroboration: ITAT Quashes Addition

Sanjay Taneja Vs ACIT (ITAT Delhi) Delhi ITAT deletes income tax additions based on loose papers, citing lack of corroborative evidence Assessee, appealed against the CIT(A)’s order confirming additions of over ₹6.81 crore u/s 69A & ₹16.25 lakh as interest income, based on loose papers found during a search at his residence. During the search, a diary with two handwritten pages   listing names & figures was seized. Assessee explained these were rough estimates of possible loans he was considering taking to purchase property. However, the plan was dropped due to high interes...