https://www.taxtmi.com/caselaws?id=762727 ITAT Mumbai-AT allowed the assessee's appeal in two matters. First, the addition of unaccounted receipts based solely on a paper found in director's drawer containing flat sale details was deleted, as the AO lacked credible material and improperly relied on assumptions without proper evidence. Second, disallowance of professional fees was reversed since the assessee discharged its burden by proving payments were made through banking channels with TDS deduction for loan negotiation services, and the assessee cannot be penalized for recipients' failure to respond to AO's notices. en-us Wed, 31 Jul 2024 00:00:00 +0530 Thu, 05 Dec 2024 21:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762727 ITAT Mumbai-AT allowed the assessee's appeal in two matters. First, the addition of unaccounted receipts based solely on a paper found in director's drawer containing flat sale details was deleted, as the AO lacked credible material and improperly relied on assumptions without proper evidence. Second, disallowance of professional fees was reversed since the assessee discharged its burden by proving payments were made through banking channels with TDS deduction for loan negotiation services, and the assessee cannot be penalized for recipients' failure to respond to AO's notices. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762727