https://www.taxtmi.com/highlights?id=96020 Whether seized documents constituted "incriminating material" to sustain an addition under section 68: Tribunal found the assessee's books and financials consistently showed investment/trading in shares, no evidence of physical movement of goods, and no AO finding that seized Tally data were parallel books; search material related to other group entities and thus irrelevant to the assessee's transactions. Legal basis: absence of incriminating material and reliance on Supreme Court precedent. Outcome: addition treating loans as bogus under section 68 is unsupported and is deleted; appeal allowed. - ITAT en-us Wed, 14 Jan 2026 11:48:56 +0530 Wed, 14 Jan 2026 11:48:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96020 Whether seized documents constituted "incriminating material" to sustain an addition under section 68: Tribunal found the assessee's books and financials consistently showed investment/trading in shares, no evidence of physical movement of goods, and no AO finding that seized Tally data were parallel books; search material related to other group entities and thus irrelevant to the assessee's transactions. Legal basis: absence of incriminating material and reliance on Supreme Court precedent. Outcome: addition treating loans as bogus under section 68 is unsupported and is deleted; appeal allowed. - ITAT Highlights Income Tax Wed, 14 Jan 2026 11:48:56 +0530 https://www.taxtmi.com/highlights?id=96020