Addition based on rough noting made on loose sheets unsustainable: ITAT Bangalore

Ace Developers Vs DCIT (ITAT Bangalore) ITAT Bangalore held that addition made under section 40A(3) of the Income Tax Act merely on the basis of certain rough noting made on loose sheets found during the course of survey unsustainable. Facts- The assessee in the present case is a partnership firm. The assessee is engaged in the business of development of residential property. The residential premises of the partner was subject to search u/s. 132 of the Act dated 24th of June 2016 whereas the premises of the assessee was subject to survey u/s. 133A of the Act. As a result of survey and search o...