https://www.taxtmi.com/caselaws?id=177773 ITAT held that additions based solely on loose papers seized during search were unsustainable. The Revenue failed to establish whether the noted figure represented income, expenditure, loan given, or loan taken by the assessee, nor was there any date or corroborative material linking it to the relevant assessment year. As the deeming provisions of ss. 69 to 69D were not invoked, and the Assessing Officer's conclusions rested purely on suspicion and conjecture, no taxable income could be inferred. ITAT upheld the deletion of additions by CIT(A) and dismissed the Revenue's appeal, rejecting the Departmental Representative's plea regarding alleged procedural lapse before CIT(A). en-us Tue, 11 Mar 1997 00:00:00 +0530 Tue, 16 Dec 2025 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177773 ITAT held that additions based solely on loose papers seized during search were unsustainable. The Revenue failed to establish whether the noted figure represented income, expenditure, loan given, or loan taken by the assessee, nor was there any date or corroborative material linking it to the relevant assessment year. As the deeming provisions of ss. 69 to 69D were not invoked, and the Assessing Officer's conclusions rested purely on suspicion and conjecture, no taxable income could be inferred. ITAT upheld the deletion of additions by CIT(A) and dismissed the Revenue's appeal, rejecting the Departmental Representative's plea regarding alleged procedural lapse before CIT(A). Case-Laws Income Tax Tue, 11 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177773