The assessee, a salaried employee of the Homeland Group, was subjected to search proceedings. During the search, certain loose papers and Excel sheets titled “BTD-2011” were found containing names of parties, proposed borrowings, cash entries, credit limits, collateral securities and financial details of various group companies. Based solely on these documents, the Assessing Officer treated the entries as unexplained cash credits under section 68 and unexplained expenditure under section 69C and made additions for A.Ys. 2017-18, 2018-19 and 2019-20. On appeal the Tribunal held that the  assessee was merely a salaried employee managing the financial affairs of the group and had no independent business or personal books of account. The seized documents, when read as a whole, clearly relate to the borrowings and financial planning of various group entities and not to the assessee personally. The Assessing Officer failed to establish that the entity “BTD-2011” belonged to the assessee or that the entries represented his unexplained transactions. During remand proceedings, several entries were found to tally with the books of account of group companies, supporting the assessee’s explanation that the sheets were only projections and financing proposals. No unexplained cash, jewellery, investment or asset was found during the search to corroborate the alleged undisclosed income. Loose sheets, without independent corroborative evidence, cannot be the sole basis for additions under sections 68 or 69C.  Accordingly, the additions under sections 68 and 69C read with section 115BBE were rightly deleted, and the Revenue’s appeals were dismissed. (AY. 2017-18, 2018-19, 2019-20)