https://www.taxtmi.com/caselaws?id=758945 The ITAT Jaipur held that reopening assessment u/s 147 based on excel sheet found during search of Maverick Group employee was invalid. The AO initially treated entries as interest received but later changed stance to interest paid from undisclosed sources. However, evidence showed the excel sheet came from a finance broker working for multiple parties, containing claims for additional interest that was neither paid nor supported by evidence. The actual interest paid was properly recorded in books. The addition was deleted as unsustainable, with the assessee's appeal allowed. en-us Thu, 29 Aug 2024 00:00:00 +0530 Fri, 20 Sep 2024 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758945 The ITAT Jaipur held that reopening assessment u/s 147 based on excel sheet found during search of Maverick Group employee was invalid. The AO initially treated entries as interest received but later changed stance to interest paid from undisclosed sources. However, evidence showed the excel sheet came from a finance broker working for multiple parties, containing claims for additional interest that was neither paid nor supported by evidence. The actual interest paid was properly recorded in books. The addition was deleted as unsustainable, with the assessee's appeal allowed. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758945