Suspicion Can’t Replace Evidence: ₹1.49 Cr Addition Based on Loose Papers deleted

ACIT Vs Jitendra Kumar Agarwal (HUF) (ITAT Jaipur) Suspicion Can’t Replace Evidence – ITAT Confirms Deletion of Rs.1.49 Cr Addition- Loose Paper Not Proof of Cash Loans – Future-Dated Entries on Seized Paper Not Reliable Revenue filed appeal against order of CIT(A) deleting addition of Rs.1,49,00,000/- u/s 69A towards alleged cash loan advances & Rs.13,41,000/- towards estimated interest. During search & survey on 28.07.2016, loose paper was found containing hand-written details of amounts, names of parties & dates. AO held these reflected fresh cash loans of Rs.69 lakh t...