https://www.taxtmi.com/caselaws?id=310720 ITAT Bangalore ruled in favor of the assessee regarding additions based on seized materials under Section 132(4). The tribunal held that statements recorded during search cannot solely justify additions without corroborative evidence. The AO failed to verify entries in loose slips through further enquiries or produce supporting materials for unaccounted cash receipts. Regarding physical cash found during search under Section 69A, the matter was remitted to AO for verification of cash availability as on search date, directing the assessee to produce relevant books and evidence. en-us Fri, 16 Jun 2023 00:00:00 +0530 Thu, 09 Nov 2023 08:51:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310720 ITAT Bangalore ruled in favor of the assessee regarding additions based on seized materials under Section 132(4). The tribunal held that statements recorded during search cannot solely justify additions without corroborative evidence. The AO failed to verify entries in loose slips through further enquiries or produce supporting materials for unaccounted cash receipts. Regarding physical cash found during search under Section 69A, the matter was remitted to AO for verification of cash availability as on search date, directing the assessee to produce relevant books and evidence. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310720