Loose Papers Without Supporting Evidence Cannot Sustain Brokerage Additions: ITAT Ahmedabad

Pravin Nagjibhai Bavadiya Vs DCIT (ITAT Ahmedabad) Material Facts: The assessee, an individual engaged in real estate brokerage through his proprietary concern, City Estate Management, and the Revenue filed cross appeals against a common order of the Commissioner of Income Tax (Appeals) for Assessment Years 2019-20 to 2022-23. Following a search under Section 132 in the cases of B Safal Group and City Estate Management Group, the Revenue seized inquiry registers, loose papers and rough jottings relating to property transactions. Based on these materials, reassessment proceedings were initiate...