https://www.taxtmi.com/caselaws?id=461117 The ITAT Chennai held that additions under section 69A based on excel sheets found during search of third-party premises cannot be sustained without corroborative evidence. The AO failed to link cash transactions in seized documents to the assessee or establish their authenticity. The tribunal emphasized that entries in loose sheets from third-party premises require independent verification and cannot invoke presumptions under sections 132(4A)/292C. The AO's practice of appending two zeros to cash entries while treating bank entries at face value was deemed incorrect and inconsistent, as it would create discrepancies in the excel sheet totals. The appeal succeeded on lack of substantive evidence. en-us Wed, 24 Jan 2024 00:00:00 +0530 Thu, 13 Mar 2025 17:01:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461117 The ITAT Chennai held that additions under section 69A based on excel sheets found during search of third-party premises cannot be sustained without corroborative evidence. The AO failed to link cash transactions in seized documents to the assessee or establish their authenticity. The tribunal emphasized that entries in loose sheets from third-party premises require independent verification and cannot invoke presumptions under sections 132(4A)/292C. The AO's practice of appending two zeros to cash entries while treating bank entries at face value was deemed incorrect and inconsistent, as it would create discrepancies in the excel sheet totals. The appeal succeeded on lack of substantive evidence. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461117