https://www.taxtmi.com/caselaws?id=449715 ITAT Ahmedabad ruled in favor of the assessee regarding unexplained investment in agricultural lands. The AO relied on seized loose papers showing cash transactions from 2006-07 (AY 2007-08) to determine cash-cheque ratio for land purchases made in 2008-09 (AY 2009-10). The Tribunal found no relevance between seized documents and actual land transactions, noting that partnership firm made cheque payments as evidenced in sale deeds. Gujarat HC had previously dismissed similar case involving same seized material, holding no connection existed between assessee and seized documents. Addition deleted. en-us Fri, 09 Feb 2024 00:00:00 +0530 Sat, 17 Feb 2024 10:08:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449715 ITAT Ahmedabad ruled in favor of the assessee regarding unexplained investment in agricultural lands. The AO relied on seized loose papers showing cash transactions from 2006-07 (AY 2007-08) to determine cash-cheque ratio for land purchases made in 2008-09 (AY 2009-10). The Tribunal found no relevance between seized documents and actual land transactions, noting that partnership firm made cheque payments as evidenced in sale deeds. Gujarat HC had previously dismissed similar case involving same seized material, holding no connection existed between assessee and seized documents. Addition deleted. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449715