https://www.taxtmi.com/caselaws?id=269152 The Tribunal upheld the deletion of protective additions made by the AO in the case involving a partnership firm for A.Y. 2005-06, as the unaccounted funds were found to belong to individual partners rather than the firm. Subsequent appeals by individual partners challenging substantive additions based on loose papers analysis were successful due to lack of corroborative evidence and substantiation, leading to deletion of the additions. The Tribunal emphasized the importance of credible evidence from loose papers, set aside the additions, and dismissed the Revenue's appeal. Penalty under Sec. 271(1)(c) was also deleted as the quantum additions were overturned. en-us Wed, 14 Oct 2015 00:00:00 +0530 Wed, 09 Dec 2015 09:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269152 The Tribunal upheld the deletion of protective additions made by the AO in the case involving a partnership firm for A.Y. 2005-06, as the unaccounted funds were found to belong to individual partners rather than the firm. Subsequent appeals by individual partners challenging substantive additions based on loose papers analysis were successful due to lack of corroborative evidence and substantiation, leading to deletion of the additions. The Tribunal emphasized the importance of credible evidence from loose papers, set aside the additions, and dismissed the Revenue's appeal. Penalty under Sec. 271(1)(c) was also deleted as the quantum additions were overturned. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269152