https://www.taxtmi.com/caselaws?id=763109 The ITAT Amritsar held that unexplained income could not be added to the assessee's income where the AO failed to establish proper ownership. The seized documents showed projected figures for a PUDA approved colony development with rough calculations, multiple corrections, and no chartered accountant signatures. The tribunal found these were mere projections without corroborated evidence of actual receipts from buyers. Following precedent, the addition was deleted as the documents belonged to the HUF, not the individual assessee, and lacked substantive evidence. en-us Mon, 01 Jul 2024 00:00:00 +0530 Thu, 12 Dec 2024 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763109 The ITAT Amritsar held that unexplained income could not be added to the assessee's income where the AO failed to establish proper ownership. The seized documents showed projected figures for a PUDA approved colony development with rough calculations, multiple corrections, and no chartered accountant signatures. The tribunal found these were mere projections without corroborated evidence of actual receipts from buyers. Following precedent, the addition was deleted as the documents belonged to the HUF, not the individual assessee, and lacked substantive evidence. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763109