Loose Papers from Third Party Insufficient for Income Tax Additions: ITAT Bangalore

Global Star Realtors Pvt. Ltd. Vs DCIT (ITAT Bangalore) Background: The assessee, Global Star Realtors Pvt. Ltd. (GSRL), engaged in real estate development, was subject to survey proceedings under section 133A and linked search operations under section 132 of the Income Tax Act. Incriminating loose sheets were impounded from the premises of SCDCC Bank, allegedly showing unaccounted consideration over and above registered values for three projects—Micasa, Ventura, and Primero—developed by GSRL and another group company. The Assessing Officer (AO) concluded that GSRL had made cash payments, ...