https://www.taxtmi.com/highlights?id=79022 The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act applies to the person in possession of incriminating material and cannot be extended to a third party without corroborative evidence against the assessee. The failure to provide cross-examination opportunity to the assessee based on third party statements led to the deletion of the addition. The Tribunal also ruled in favor of the assessee regarding unexplained expenses on a mobile purchase and investments in vehicles. Addition of interest income and unexplained investments were deleted due to lack of supporting evidence. The Tribunal further deleted additions related to unexpl..... en-us Tue, 02 Jul 2024 07:56:16 +0530 Tue, 02 Jul 2024 07:56:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79022 The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act applies to the person in possession of incriminating material and cannot be extended to a third party without corroborative evidence against the assessee. The failure to provide cross-examination opportunity to the assessee based on third party statements led to the deletion of the addition. The Tribunal also ruled in favor of the assessee regarding unexplained expenses on a mobile purchase and investments in vehicles. Addition of interest income and unexplained investments were deleted due to lack of supporting evidence. The Tribunal further deleted additions related to unexpl..... Highlights Income Tax Tue, 02 Jul 2024 07:56:16 +0530 https://www.taxtmi.com/highlights?id=79022