https://www.taxtmi.com/caselaws?id=295490 ITAT Amritsar held that an addition towards long-term capital gains based solely on diary entries seized from the assessee's residence could not be sustained without corroborative evidence. The diary was not established as a regularly maintained book of account, and no independent material, such as purchaser confirmation or other supporting proof, was produced to show receipt of higher sale consideration. The presumption under section 292C was treated as insufficient on these facts to fasten tax liability merely on unverified loose notings. The addition was therefore deleted and the assessee succeeded. en-us Thu, 16 Jan 2020 00:00:00 +0530 Sat, 02 May 2026 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295490 ITAT Amritsar held that an addition towards long-term capital gains based solely on diary entries seized from the assessee's residence could not be sustained without corroborative evidence. The diary was not established as a regularly maintained book of account, and no independent material, such as purchaser confirmation or other supporting proof, was produced to show receipt of higher sale consideration. The presumption under section 292C was treated as insufficient on these facts to fasten tax liability merely on unverified loose notings. The addition was therefore deleted and the assessee succeeded. Case-Laws Income Tax Thu, 16 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295490