https://www.taxtmi.com/caselaws?id=755483 The ITAT Chennai ruled in favor of the assessee regarding additions made under section 69A for alleged undisclosed cash transactions based on excel sheets seized during search proceedings of Christy group. The tribunal held that seized excel sheets lack evidentiary value without corroborative statements from persons controlling the electronic devices and confrontation with the assessee. The AO failed to establish nexus between the assessee and unsigned printouts or prove transactions outside books of accounts after denial by the assessee. The tribunal also rejected the AO's practice of appending two zeros to cash transaction values, finding it inconsistent with matching bank entries. The CIT(A)'s deletion of additions was upheld as reasonable. en-us Wed, 24 Jan 2024 00:00:00 +0530 Fri, 12 Jul 2024 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755483 The ITAT Chennai ruled in favor of the assessee regarding additions made under section 69A for alleged undisclosed cash transactions based on excel sheets seized during search proceedings of Christy group. The tribunal held that seized excel sheets lack evidentiary value without corroborative statements from persons controlling the electronic devices and confrontation with the assessee. The AO failed to establish nexus between the assessee and unsigned printouts or prove transactions outside books of accounts after denial by the assessee. The tribunal also rejected the AO's practice of appending two zeros to cash transaction values, finding it inconsistent with matching bank entries. The CIT(A)'s deletion of additions was upheld as reasonable. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755483