Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
Penalty under s. 271AAB(1A) was examined on whether the amount offered during search and assessed as unexplained money under s. 69A read with s. 115BBE qualified as "undisclosed income" under Explanation (c) to s. 271AAB. The definition requires income to be represented by money/bullion/jewellery/valuable article, or to be evidenced by entries or documents/transactions found during the s. 132 search. Since the quantum proceedings had already found that no incriminating material was recovered to support the addition, the statutory precondition failed, and the sum could not be treated as "undisclosed income"; the penalty was directed to be deleted and the appeal was allowed. - ITAT
Penalty under s. 271AAB(1A) was examined on whether the amount offered during search and assessed as unexplained money under s. 69A read with s. 115BBE qualified as "undisclosed income" under Explanation (c) to s. 271AAB. The definition requires income to be represented by money/bullion/jewellery/valuable article, or to be evidenced by entries or documents/transactions found during the s. 132 search. Since the quantum proceedings had already found that no incriminating material was recovered to support the addition, the statutory precondition failed, and the sum could not be treated as "undisclosed income"; the penalty was directed to be deleted and the appeal was allowed. - ITAT
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