https://www.taxtmi.com/caselaws?id=446853 The ITAT Pune allowed the assessee's appeal against addition of interest payment in cash made by AO based on proceedings before Income Tax Settlement Commission involving unrelated third party. The AO relied on seized documents from third party case where CIT-DR argued interest payment claims were unverifiable and imaginary. However, ITAT held that information from seized loose papers concerning third party cannot constitute tangible material without further enquiry. The addition was unjustified and CIT(A)'s confirmation was set aside. en-us Thu, 05 Oct 2023 00:00:00 +0530 Wed, 13 Dec 2023 07:54:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446853 The ITAT Pune allowed the assessee's appeal against addition of interest payment in cash made by AO based on proceedings before Income Tax Settlement Commission involving unrelated third party. The AO relied on seized documents from third party case where CIT-DR argued interest payment claims were unverifiable and imaginary. However, ITAT held that information from seized loose papers concerning third party cannot constitute tangible material without further enquiry. The addition was unjustified and CIT(A)'s confirmation was set aside. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446853