https://www.taxtmi.com/caselaws?id=307902 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, setting aside the CIT(A)'s decision to add Rs. 65.00 lakhs as unaccounted cash receipts. The Tribunal found the loose papers seized during the search operation lacked substantial evidence to prove the income received by the assessee. It was determined that the figures noted were likely in thousands, not lakhs as interpreted by the tax authorities. As a result, the alleged payments were not considered as part of the assessee's income for AY 2008-09, leading to the deletion of the addition and partial allowance of the appeal. en-us Thu, 23 Mar 2017 00:00:00 +0530 Tue, 16 May 2023 08:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307902 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, setting aside the CIT(A)'s decision to add Rs. 65.00 lakhs as unaccounted cash receipts. The Tribunal found the loose papers seized during the search operation lacked substantial evidence to prove the income received by the assessee. It was determined that the figures noted were likely in thousands, not lakhs as interpreted by the tax authorities. As a result, the alleged payments were not considered as part of the assessee's income for AY 2008-09, leading to the deletion of the addition and partial allowance of the appeal. Case-Laws Income Tax Thu, 23 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307902