https://www.taxtmi.com/caselaws?id=269060 The Tribunal dismissed the Revenue's appeals and allowed the assessee's appeals in a tax case. It held that additions based on loose papers found at a third party's premises were not valid without evidence linking them to the assessee. Assessments solely relying on statements without corroborative evidence were not justified. Penalties under Section 271(1)(c) were deleted as they were based on estimated gross profit and uncorroborated statements. Discrepancies in stock were deemed explainable and verifiable, leading to the dismissal of the Revenue's appeal. en-us Thu, 15 Oct 2015 00:00:00 +0530 Mon, 07 Dec 2015 10:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269060 The Tribunal dismissed the Revenue's appeals and allowed the assessee's appeals in a tax case. It held that additions based on loose papers found at a third party's premises were not valid without evidence linking them to the assessee. Assessments solely relying on statements without corroborative evidence were not justified. Penalties under Section 271(1)(c) were deleted as they were based on estimated gross profit and uncorroborated statements. Discrepancies in stock were deemed explainable and verifiable, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Thu, 15 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269060