https://www.taxtmi.com/caselaws?id=751743 ITAT Delhi allowed the appeal, deleting the addition made under sections 153C and 69 based on loose papers found during search. The AO added Rs. 9,00,000 assuming it represented 10% of total land consideration of Rs. 90,00,000, inferring cash payment beyond the Rs. 27,00,000 paid through banking channels. The tribunal held the addition was based on speculation without corroborative evidence. The AO failed to summon the seller, record statements, or verify property value. Since the loose document wasn't maintained in ordinary business course and its author wasn't identified or disclosed for cross-examination, the addition was unjustified and deleted. en-us Tue, 16 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751743 ITAT Delhi allowed the appeal, deleting the addition made under sections 153C and 69 based on loose papers found during search. The AO added Rs. 9,00,000 assuming it represented 10% of total land consideration of Rs. 90,00,000, inferring cash payment beyond the Rs. 27,00,000 paid through banking channels. The tribunal held the addition was based on speculation without corroborative evidence. The AO failed to summon the seller, record statements, or verify property value. Since the loose document wasn't maintained in ordinary business course and its author wasn't identified or disclosed for cross-examination, the addition was unjustified and deleted. Case-Laws Income Tax Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751743