https://www.taxtmi.com/caselaws?id=176147 Additions based on loose papers seized from third parties and statements recorded without cross-examination were held unsustainable. The loose papers were not books of account regularly kept in the course of business, so their evidentiary value was limited, and the presumption under section 132(4A) of the Income-tax Act, 1961 could not be extended against an assessee when the documents were not found in the assessee's possession. The Tribunal also relied on factual inconsistencies and the revenue's failure to establish the alleged cash payments with reliable evidence. On those facts, the deletion of the additions was upheld. en-us Fri, 25 Mar 2011 00:00:00 +0530 Tue, 25 Apr 2023 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176147 Additions based on loose papers seized from third parties and statements recorded without cross-examination were held unsustainable. The loose papers were not books of account regularly kept in the course of business, so their evidentiary value was limited, and the presumption under section 132(4A) of the Income-tax Act, 1961 could not be extended against an assessee when the documents were not found in the assessee's possession. The Tribunal also relied on factual inconsistencies and the revenue's failure to establish the alleged cash payments with reliable evidence. On those facts, the deletion of the additions was upheld. Case-Laws Income Tax Fri, 25 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176147