https://www.taxtmi.com/caselaws?id=752385 ITAT Chennai dismissed revenue's appeal against deletion of additions made under section 69A for alleged undisclosed cash transactions. AO relied on excel sheets seized from third party premises containing entries related to assessee firm. ITAT held additions unsustainable as no corroborative evidence supported the entries, neither the person from whom documents were seized nor assessee was examined regarding contents. Mere matching of bank entries in excel sheets with books doesn't validate cash transaction entries without supporting documentation like bills or receipts. AO's practice of appending two zeros to cash amounts while leaving bank amounts unchanged was deemed incorrect and untenable, creating inconsistencies in totals. en-us Wed, 24 Jan 2024 00:00:00 +0530 Wed, 08 May 2024 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752385 ITAT Chennai dismissed revenue's appeal against deletion of additions made under section 69A for alleged undisclosed cash transactions. AO relied on excel sheets seized from third party premises containing entries related to assessee firm. ITAT held additions unsustainable as no corroborative evidence supported the entries, neither the person from whom documents were seized nor assessee was examined regarding contents. Mere matching of bank entries in excel sheets with books doesn't validate cash transaction entries without supporting documentation like bills or receipts. AO's practice of appending two zeros to cash amounts while leaving bank amounts unchanged was deemed incorrect and untenable, creating inconsistencies in totals. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752385