https://www.taxtmi.com/caselaws?id=763806 The ITAT Delhi ruled in favor of the assessee regarding additions for alleged unexplained expenditure and receipts based on loose papers found during search. The tribunal held that mere discovery of loose documents without corroboration cannot justify additions. Revenue failed to conduct proper inquiry with the contractor mentioned in the papers or question the assessee under Section 132(4) during search. No excess cash or unaccounted assets were discovered despite the search. The burden of proof remained with Revenue, and preponderance of probabilities favored the assessee given the circumstances and multiple occupants at the premises. en-us Wed, 18 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763806 The ITAT Delhi ruled in favor of the assessee regarding additions for alleged unexplained expenditure and receipts based on loose papers found during search. The tribunal held that mere discovery of loose documents without corroboration cannot justify additions. Revenue failed to conduct proper inquiry with the contractor mentioned in the papers or question the assessee under Section 132(4) during search. No excess cash or unaccounted assets were discovered despite the search. The burden of proof remained with Revenue, and preponderance of probabilities favored the assessee given the circumstances and multiple occupants at the premises. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763806