https://www.taxtmi.com/caselaws?id=417746 Additions under sections 68 and 69B cannot stand on third-party statements, loose papers, or uncorroborated survey material without supporting evidence linking the assessee to the alleged cash or investment. Advances and unsecured loans supported by confirmations, PAN, bank records, returns, and transaction details discharged the primary burden, and the revenue failed to make further inquiry. Rough diary entries did not prove unexplained work-in-progress where audited books showed no defect. Encroachment expenses incurred to clear property for a development project were allowable as business expenditure on commercial expediency, and the consequential profit addition under the percentage completion method also failed. en-us Fri, 28 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 07:20:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417746 Additions under sections 68 and 69B cannot stand on third-party statements, loose papers, or uncorroborated survey material without supporting evidence linking the assessee to the alleged cash or investment. Advances and unsecured loans supported by confirmations, PAN, bank records, returns, and transaction details discharged the primary burden, and the revenue failed to make further inquiry. Rough diary entries did not prove unexplained work-in-progress where audited books showed no defect. Encroachment expenses incurred to clear property for a development project were allowable as business expenditure on commercial expediency, and the consequential profit addition under the percentage completion method also failed. Case-Laws Income Tax Fri, 28 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417746