Addition Based on mere Loose Papers & Third-Party Statement deleted

Laxmichand Jethalal Dedhia Vs ITO (ITAT Mumbai) ITAT Mumbai deleted Income Tax Addition under section 69A & 69C based on mere Loose Papers & Third-party Statement without corroboration  A search &  survey action u/s 132 was carried out in the case of M/s Evergreen Enterprises, in which Shri Nilesh Bharani ( NB) was a partner. Based on certain documentary evidences found during the search &  the statement of Shri N B recorded u/s 132(4), Revenue alleged that the firm was engaged in the business of borrowing &  lending unaccounted cash. From a ledger account maintained ...