https://www.taxtmi.com/caselaws?id=389870 The Tribunal allowed the assessee's appeal, overturning the order and deleting the addition of Rs. 10,00,000 made under section 69 of the IT Act. The Tribunal found that the addition based on a single loose sheet was unjustified as the alleged transaction was not proven, and the lower authorities' findings were deemed incorrect and arbitrary. Additionally, the interest charged under different sections of the IT Act was considered unjustified and illegal. Consequently, the Tribunal ruled in favor of the assessee, emphasizing the lack of concrete evidence to support the additions and the improper application of laws by the Commissioner of Income Tax (Appeal). en-us Fri, 22 Nov 2019 00:00:00 +0530 Wed, 18 Dec 2019 15:20:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389870 The Tribunal allowed the assessee's appeal, overturning the order and deleting the addition of Rs. 10,00,000 made under section 69 of the IT Act. The Tribunal found that the addition based on a single loose sheet was unjustified as the alleged transaction was not proven, and the lower authorities' findings were deemed incorrect and arbitrary. Additionally, the interest charged under different sections of the IT Act was considered unjustified and illegal. Consequently, the Tribunal ruled in favor of the assessee, emphasizing the lack of concrete evidence to support the additions and the improper application of laws by the Commissioner of Income Tax (Appeal). Case-Laws Income Tax Fri, 22 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389870