https://www.taxtmi.com/caselaws?id=383801 An addition under section 68 could not be sustained when it was based only on entries in a pen drive recovered from a third party's accountant. The recorded entry was unsupported by corroborative material: the accountant did not know the assessee personally, the entry was said to be based on information from others, and no effective verification was made by issuing summons or conducting independent inquiry from the concern's directors, cashier, or any other source. In the absence of independent evidence showing that the assessee advanced the alleged loan or earned the alleged interest, the third-party notings were insufficient to justify the addition, which was deleted. en-us Mon, 29 Jul 2019 00:00:00 +0530 Fri, 17 Jan 2020 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383801 An addition under section 68 could not be sustained when it was based only on entries in a pen drive recovered from a third party's accountant. The recorded entry was unsupported by corroborative material: the accountant did not know the assessee personally, the entry was said to be based on information from others, and no effective verification was made by issuing summons or conducting independent inquiry from the concern's directors, cashier, or any other source. In the absence of independent evidence showing that the assessee advanced the alleged loan or earned the alleged interest, the third-party notings were insufficient to justify the addition, which was deleted. Case-Laws Income Tax Mon, 29 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383801