Loose papers cannot be classified as ‘incriminating material’ unless AO establishes nexus

Mani Square Ltd Vs ACIT (ITAT Kolkata)

ITAT Kolkata allowing appeal of addition of 214 crores (approx) on host of issues on search assessment mainly on 1) Incriminating material 2) addition u/s 68 for unsecured loans 3) Alleged Undisclosed on money consideration and Theory of extrapolation 5) Cash Purchases  6) Unexplained expenditure also deciding basis of Evidentiary value of Third party statement and Cross examination angle . (all imp judgements referred) .

Ist aspect

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