Loose sheets found during search has evidentiary value: Addition sustained

Sai Om Infravision (P) Ltd. Vs DCIT (ITAT Delhi) ITAT Delhi held that loose sheets picked u/s 132, falls within definition of ‘document’ mentioned in section 132(4) and therefore, it has got evidentiary value. Thus, addition on the basis of loose sheets found during course of search is sustainable. Facts- Present appeal is filed by the appellant against orders passed under section 153A of the Income Tax Act. Notably, addition made for all the years is on the basis of notings in a seized diary found from the premises of Kaushalya Residency Girls Hostel, GNHIPL during the course of search u/...