Addition based on seized diary without corroborative evidence not sustainable

PCIT Vs Timblo Private Limited (Bombay High Court)

In a significant ruling, the Bombay High Court has dismissed the Revenue’s appeal in the case of Principal Commissioner of Income Tax (PCIT) vs. Timblo Private Limited. The court addressed the issue of additions made by the Assessing Officer (AO) based on entries in a seized diary during a search and seizure operation under Section 132 of the Inc

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