https://www.taxtmi.com/caselaws?id=423388 The Tribunal allowed the appeal, emphasizing the lack of substantial evidence linking the appellant to the alleged transactions. It highlighted the importance of concrete evidence and a direct nexus between the assessee and the disputed amounts in making additions under the Income Tax Act. The reassessment proceedings under sections 147/148 were deemed invalid due to the absence of tangible material linking the alleged income to the appellant, and the addition of Rs. 10 lakhs on account of unexplained cash credit under section 68 was deleted as it lacked a legal basis and a direct link to the appellant. The diary impounded from third party premises was found inadmissible in making additions as it did not establish a connection to the appellant. en-us Mon, 30 May 2022 00:00:00 +0530 Mon, 06 Jun 2022 08:28:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423388 The Tribunal allowed the appeal, emphasizing the lack of substantial evidence linking the appellant to the alleged transactions. It highlighted the importance of concrete evidence and a direct nexus between the assessee and the disputed amounts in making additions under the Income Tax Act. The reassessment proceedings under sections 147/148 were deemed invalid due to the absence of tangible material linking the alleged income to the appellant, and the addition of Rs. 10 lakhs on account of unexplained cash credit under section 68 was deleted as it lacked a legal basis and a direct link to the appellant. The diary impounded from third party premises was found inadmissible in making additions as it did not establish a connection to the appellant. Case-Laws Income Tax Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423388