No section 68 addition on account of unaccounted cash receipts without corroborative evidences

V.V. Titanium Pigments Pvt Ltd Vs ACIT (ITAT Chennai)

Conclusion: Addition under section 68 on account of unaccounted cash receipts was not justified as AO was merely hearsay evidence carrying no evidentiary value and at the time of seizure, the excel sheets were not authenticated either by assessee company nor by the witnesses or by an authorized officer.

Held: AO made addition for AYs 2017-18 to 2019-20 for Rs.6.10 Crores which was based on seized notebooks and dairies as maintained by Manager of M/s V.V. Minerals. Assessee assailed the sa

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