https://www.taxtmi.com/caselaws?id=450183 ITAT Ahmedabad dismissed Revenue's appeal challenging CIT(A)'s deletion of addition based on diary entries seized from assessee. AO treated diary entries as unexplained income and initiated penalty proceedings under sections 269SS, 269T and 271AAB. CIT(A) found AO failed to disprove assessee's claim that entries related to money transactions for housing projects of partnership firms where assessee maintained accounts. AO provided no material evidence to rebut assessee's explanation and failed to justify the computed unexplained cash amount. Assessee produced partnership firms' returns and CIT(A) orders showing declared undisclosed income, supporting the deletion. en-us Fri, 23 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 07:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450183 ITAT Ahmedabad dismissed Revenue's appeal challenging CIT(A)'s deletion of addition based on diary entries seized from assessee. AO treated diary entries as unexplained income and initiated penalty proceedings under sections 269SS, 269T and 271AAB. CIT(A) found AO failed to disprove assessee's claim that entries related to money transactions for housing projects of partnership firms where assessee maintained accounts. AO provided no material evidence to rebut assessee's explanation and failed to justify the computed unexplained cash amount. Assessee produced partnership firms' returns and CIT(A) orders showing declared undisclosed income, supporting the deletion. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450183