https://www.taxtmi.com/caselaws?id=767317 ITAT Chennai upheld CIT(A)'s deletion of addition under Section 69 for unexplained investment. AO made addition based solely on excel sheet found at third party's premises showing assessee's name, but third party's sworn statement confirmed loan was arranged through his father, not the assessee. ITAT held excel sheet alone insufficient without corroborative evidence, as it was neither authored by nor found at assessee's premises. AO failed to conduct proper enquiry or gather evidence establishing actual cash loan advancement. Tribunal relied on precedents holding third-party materials inadequate for additions without cogent supporting evidence. en-us Fri, 21 Feb 2025 00:00:00 +0530 Sat, 15 Mar 2025 08:41:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767317 ITAT Chennai upheld CIT(A)'s deletion of addition under Section 69 for unexplained investment. AO made addition based solely on excel sheet found at third party's premises showing assessee's name, but third party's sworn statement confirmed loan was arranged through his father, not the assessee. ITAT held excel sheet alone insufficient without corroborative evidence, as it was neither authored by nor found at assessee's premises. AO failed to conduct proper enquiry or gather evidence establishing actual cash loan advancement. Tribunal relied on precedents holding third-party materials inadequate for additions without cogent supporting evidence. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767317