https://www.taxtmi.com/caselaws?id=773202 ITAT Chandigarh allowed the assessee's appeal, deleting additions made under sections 68 and 69C read with section 115BBE. The additions were based on loose documents recovered during a survey from the assessee's residence. The tribunal found that the seized documents pertained to credit limits and financial details of various group concerns of 'Homeland Group', not the assessee's personal transactions. The assessee, who only drew salary from the group without maintaining personal books or conducting business, was attempting to arrange finances for the group facing financial difficulties. During remand proceedings, it was established that entries in the loose sheets matched the books of accounts of respective group concerns. The tribunal concluded the transactions did not belong to the assessee personally, agreeing with CIT(A)'s deletion of additions. en-us Mon, 16 Jun 2025 00:00:00 +0530 Mon, 23 Feb 2026 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773202 ITAT Chandigarh allowed the assessee's appeal, deleting additions made under sections 68 and 69C read with section 115BBE. The additions were based on loose documents recovered during a survey from the assessee's residence. The tribunal found that the seized documents pertained to credit limits and financial details of various group concerns of 'Homeland Group', not the assessee's personal transactions. The assessee, who only drew salary from the group without maintaining personal books or conducting business, was attempting to arrange finances for the group facing financial difficulties. During remand proceedings, it was established that entries in the loose sheets matched the books of accounts of respective group concerns. The tribunal concluded the transactions did not belong to the assessee personally, agreeing with CIT(A)'s deletion of additions. Case-Laws Income Tax Mon, 16 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773202