https://www.taxtmi.com/caselaws?id=771506 The ITAT Nagpur dismissed the Revenue's appeal regarding unexplained expenditure under section 69C based on seized handwritten documents. The tribunal held that the AO erred in making additions solely based on loose sheets without meaningful inquiry or corroboration. The court found that loose documents cannot be admissible under section 34 of the Indian Evidence Act without supporting evidence. The AO failed to establish defects in the assessee's valuation certificate or prove shares were undervalued. The tribunal noted arithmetic mistakes in seized papers and mismatches between transferred shares and official records, making the addition unsustainable. en-us Thu, 03 Apr 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771506 The ITAT Nagpur dismissed the Revenue's appeal regarding unexplained expenditure under section 69C based on seized handwritten documents. The tribunal held that the AO erred in making additions solely based on loose sheets without meaningful inquiry or corroboration. The court found that loose documents cannot be admissible under section 34 of the Indian Evidence Act without supporting evidence. The AO failed to establish defects in the assessee's valuation certificate or prove shares were undervalued. The tribunal noted arithmetic mistakes in seized papers and mismatches between transferred shares and official records, making the addition unsustainable. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771506