Additions made u/s 69 and Section 56 in the absence of direct incriminating evidence linking the assessee to the alleged unexplained investments and interest income. - Assessment of search and seizure

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....peals) [CIT(A)], which deleted additions made by the Assessing Officer (AO) under Section 69 and Section 56 of the Income Tax Act for Assessment Years (AY) 2012-13 to 2018-19. The additions were made based on incriminating materials found during a search operation on the Sunshine Group and its associates, which indicated unsecured loans, bogus purchases, and Long Term Capital Gains (LTCG) in penny....

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....arty search. * Lack of Direct Incriminating Evidence: The Tribunal found no direct incriminating evidence against the assessee that linked the seized materials from the third-party search to him. * Cross Examination and Banking Transactions: It was observed that the assessee had the opportunity to cross-examine the third-party, confirming that transactions were through banking channels with pr....