https://www.taxtmi.com/caselaws?id=62503 Additions based only on loose-paper entries found in search were held unsustainable where the Revenue produced no corroborative material and the notings appeared to be rough estimates rather than actual transactions; the deletion was affirmed. A capital introduction issue was remanded for fresh verification because a new explanation as to the source of funds required examination of the alleged lender's creditworthiness and corresponding records. For household expenses, the Tribunal held that some estimate was justified on the assessee's status and withdrawals, but the Assessing Officer's figure was excessive; the addition was therefore sustained only to a limited extent. en-us Fri, 25 Jun 2004 00:00:00 +0530 Thu, 04 Jul 2024 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62503 Additions based only on loose-paper entries found in search were held unsustainable where the Revenue produced no corroborative material and the notings appeared to be rough estimates rather than actual transactions; the deletion was affirmed. A capital introduction issue was remanded for fresh verification because a new explanation as to the source of funds required examination of the alleged lender's creditworthiness and corresponding records. For household expenses, the Tribunal held that some estimate was justified on the assessee's status and withdrawals, but the Assessing Officer's figure was excessive; the addition was therefore sustained only to a limited extent. Case-Laws Income Tax Fri, 25 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62503