Commissioner Of Income Tax vs Anil Bhalla on 8 January, 2020
ITAT Hyderabad 'B' Bench in the case of DCIT vs M. Aja Babu in ITA
No. 1755, 1756 86 1757/HYD/2012 dated 23.04.2014 following the
decision of Hon'ble High Court of Delhi in the case of CIT vs Anil
Bhalla (322 ITR 191 (Del), CIT vs Dinesh Jain WWI 211 Taxman
23 (Del) and CIT vs Jaipal Aggarwal 212 Taxman 1 (Del), ITAT
Mumbai in the case of ACIT vs. JP Morgan India Pvt. Ltd. 46 SOT
250(Mumbai) has held that the addition made by the AO based on
the loose paper, which is not a conclusive evidence and therefore, the
same is not sufficient for making the addition.