https://www.taxtmi.com/caselaws?id=765575 ITAT Mumbai deleted additions made u/s. 69 for alleged cash loan transactions and notional interest. The additions were based solely on documents seized from third-party premises and statements recorded u/s. 132(4), which were later retracted as being made under duress. The AO failed to gather corroborative evidence despite conducting search operations at the assessee's premises, where no incriminating material was recovered. The tribunal held that without conclusive evidence beyond seized documents and retracted statements, the substantial cash loan transactions would have left some trace with the assessee. The additions were deemed unsustainable and decided in favor of the assessee. en-us Fri, 31 Jan 2025 00:00:00 +0530 Tue, 04 Feb 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765575 ITAT Mumbai deleted additions made u/s. 69 for alleged cash loan transactions and notional interest. The additions were based solely on documents seized from third-party premises and statements recorded u/s. 132(4), which were later retracted as being made under duress. The AO failed to gather corroborative evidence despite conducting search operations at the assessee's premises, where no incriminating material was recovered. The tribunal held that without conclusive evidence beyond seized documents and retracted statements, the substantial cash loan transactions would have left some trace with the assessee. The additions were deemed unsustainable and decided in favor of the assessee. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765575