https://www.taxtmi.com/caselaws?id=375106 An addition in reassessment under the Income-tax Act, 1961 could not rest solely on loose papers and notings found during a search of a third party's premises. The material was not accompanied by any independent or corroborative evidence showing actual advancement of money by the assessee. Third-party entries, by themselves, do not establish liability unless supported by trustworthy evidence; without such corroboration, the Revenue's inference remained based on suspicion and conjecture. The addition was therefore unsustainable on the facts stated. en-us Wed, 06 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:21:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375106 An addition in reassessment under the Income-tax Act, 1961 could not rest solely on loose papers and notings found during a search of a third party's premises. The material was not accompanied by any independent or corroborative evidence showing actual advancement of money by the assessee. Third-party entries, by themselves, do not establish liability unless supported by trustworthy evidence; without such corroboration, the Revenue's inference remained based on suspicion and conjecture. The addition was therefore unsustainable on the facts stated. Case-Laws Income Tax Wed, 06 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375106