Addition cannot be made merely on the basis of a handwritten loose paper

1. This is an appeal by the Revenue against the order dated 29th July, 2016 passed the Income Tax Appellate Tribunal (‘ITAT’) in ITA No. 3031/Del/2012 for the Assessment Year (‘AY’) 2003-04.

2. The Revenue is aggrieved by the order of ITAT whereby it deleted the addition of Rs. 49 lakhs to the income of the Respondent/ Assessee by the Assessing Officer (‘AO’), which order was affirmed by the Commissioner of Income Tax (Appeals) [‘CIT (A)’].

3. A search took place in the premi

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