https://www.taxtmi.com/caselaws?id=462202 ITAT Bangalore upheld validity of section 153C assessment order, finding AO properly recorded satisfaction based on seized documents suggesting unaccounted transactions between assessee and third party. However, ITAT deleted additions of Rs. 12.75 crores as cash loans and related interest income across multiple assessment years, ruling that loose sheets and unsigned notebook entries without corroboration cannot constitute incriminating material under Indian Evidence Act. Third party statements lacking corroborative evidence held inadmissible. Penalty under section 271AAB also deleted following deletion of quantum additions. en-us Fri, 22 Mar 2024 00:00:00 +0530 Sun, 01 Jun 2025 02:59:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462202 ITAT Bangalore upheld validity of section 153C assessment order, finding AO properly recorded satisfaction based on seized documents suggesting unaccounted transactions between assessee and third party. However, ITAT deleted additions of Rs. 12.75 crores as cash loans and related interest income across multiple assessment years, ruling that loose sheets and unsigned notebook entries without corroboration cannot constitute incriminating material under Indian Evidence Act. Third party statements lacking corroborative evidence held inadmissible. Penalty under section 271AAB also deleted following deletion of quantum additions. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462202