Tribunal held that purchases are recorded in the regular books of account and no incriminating material was found in the course of search. Addition is held to be not valid. Tribunal also held that merely on the basis of noting and jotting on loose sheet of papers, addition is held to be not valid. (AY. 2008-09 to 2014-15)
Param Dairy Ltd. v. ACIT (2020) 77 ITR 567 (Delhi)(Trib.)
S. 153A : Assessment–Search-No incriminating material found-Addition is held to be not justified-Noting and jotting on loose sheet of papers–Addition is held to be not valid. [S. 69C]