https://www.taxtmi.com/caselaws?id=353863 The ITAT partially allowed the assessee's appeals, ruling that the burden of proof lay with the revenue authorities to verify ownership of seized material. The additions based on loose sheets related to Smt. S.V. Ratnam were deleted as the assessee sufficiently proved the transactions belonged to her. However, additions for money lending transactions were upheld as confirmed by the assessee's son. The ITAT emphasized the importance of proper verification and burden of proof in such cases, highlighting the need for concrete evidence to support assessments of unaccounted income. en-us Wed, 10 Jan 2018 00:00:00 +0530 Sat, 13 Jan 2018 08:53:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353863 The ITAT partially allowed the assessee's appeals, ruling that the burden of proof lay with the revenue authorities to verify ownership of seized material. The additions based on loose sheets related to Smt. S.V. Ratnam were deleted as the assessee sufficiently proved the transactions belonged to her. However, additions for money lending transactions were upheld as confirmed by the assessee's son. The ITAT emphasized the importance of proper verification and burden of proof in such cases, highlighting the need for concrete evidence to support assessments of unaccounted income. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353863