Undisclosed Income Additions Quashed as Revenue Failed to Corroborate Diary Entries

Vikas Agarwal Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, adjudicated three appeals filed by the assessee against orders of the Commissioner of Income Tax (Appeals) for assessment years 2014–15, 2015–16, and 2016–17. These appeals arose from assessments framed under Section 153A read with Section 143(3) of the Income-tax Act following a search conducted on 05.02.2017. The primary issue in all three assessment years concerned additions made by the Assessing Officer (AO) on account of alleged undisclosed interest income based on entries found in a seized diary mar...