https://www.taxtmi.com/caselaws?id=763972 ITAT Nagpur allowed the appeal in favor of the assessee, deleting the addition of Rs. 2.5 crore made by the AO based on documents seized during search. The tribunal held that the revenue failed to establish that the assessee actually received the cash amount, as the entire balance mentioned in the seized document was properly accounted for in the books. All sales were duly recorded with no evidence of off-book transactions. The tribunal criticized the addition being made without proper charging provision and condemned the CIT(A) for wrongly confirming the AO's erroneous decision. en-us Mon, 30 Dec 2024 00:00:00 +0530 Wed, 01 Jan 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763972 ITAT Nagpur allowed the appeal in favor of the assessee, deleting the addition of Rs. 2.5 crore made by the AO based on documents seized during search. The tribunal held that the revenue failed to establish that the assessee actually received the cash amount, as the entire balance mentioned in the seized document was properly accounted for in the books. All sales were duly recorded with no evidence of off-book transactions. The tribunal criticized the addition being made without proper charging provision and condemned the CIT(A) for wrongly confirming the AO's erroneous decision. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763972