https://www.taxtmi.com/caselaws?id=403833 The Tribunal allowed the appeal of the assessee, ruling in favor of the taxpayer. The additions of Rs. 25,00,000 and Rs. 2,00,000 as undisclosed advances and interest income were deleted. The Tribunal found that the seized document was a rough memorandum for administrative purposes and not evidence of undisclosed cash loans, as presumed by the AO. Additionally, the invocation of section 115BBE of the IT Act, 1961, was deemed unjustified as the loan was recorded in the books. en-us Wed, 27 Jan 2021 00:00:00 +0530 Tue, 09 Feb 2021 10:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403833 The Tribunal allowed the appeal of the assessee, ruling in favor of the taxpayer. The additions of Rs. 25,00,000 and Rs. 2,00,000 as undisclosed advances and interest income were deleted. The Tribunal found that the seized document was a rough memorandum for administrative purposes and not evidence of undisclosed cash loans, as presumed by the AO. Additionally, the invocation of section 115BBE of the IT Act, 1961, was deemed unjustified as the loan was recorded in the books. Case-Laws Income Tax Wed, 27 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403833