https://www.taxtmi.com/caselaws?id=71540 Loose papers in a block assessment cannot, by themselves, sustain an addition as undisclosed income unless the Revenue establishes a clear nexus with the assessee and corroborates the material found in search. Where the Department relies on the assessee's statement to support the addition, the statement must be read as a whole and cannot be accepted only in part. On the facts, the alleged borrowings were not proved bogus, and the Revenue produced no rebuttal evidence to displace confirmations and examined statements, so the addition was deleted. The alternative basis of unexplained investment or negative cash balance also failed for want of supporting material. en-us Wed, 13 Jan 1999 00:00:00 +0530 Thu, 09 Oct 2025 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71540 Loose papers in a block assessment cannot, by themselves, sustain an addition as undisclosed income unless the Revenue establishes a clear nexus with the assessee and corroborates the material found in search. Where the Department relies on the assessee's statement to support the addition, the statement must be read as a whole and cannot be accepted only in part. On the facts, the alleged borrowings were not proved bogus, and the Revenue produced no rebuttal evidence to displace confirmations and examined statements, so the addition was deleted. The alternative basis of unexplained investment or negative cash balance also failed for want of supporting material. Case-Laws Income Tax Wed, 13 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71540