https://www.taxtmi.com/caselaws?id=155068 Relevance and admissibility of statements recorded during search formed the primary issue: the tribunal distinguished statements under search-procedure provisions from statements under summons provision, finding a section 131 statement less relevant and a statement recorded during search insufficient by itself without corroborating seized material, therefore the addition based solely on such statements was deleted. Allegation of diversion of donations into personal investments raised the issue of applicability of provisions disallowing exemption where trust funds are misapplied; absence of any direct or seized evidence linking investments to trust activity led to rejection of the addition. Cash seized during search was held satisfactorily explained by inventory, books and recorded student admissions, and thus could not be added to assessable income. en-us Mon, 18 Jul 2011 00:00:00 +0530 Tue, 27 Jan 2026 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155068 Relevance and admissibility of statements recorded during search formed the primary issue: the tribunal distinguished statements under search-procedure provisions from statements under summons provision, finding a section 131 statement less relevant and a statement recorded during search insufficient by itself without corroborating seized material, therefore the addition based solely on such statements was deleted. Allegation of diversion of donations into personal investments raised the issue of applicability of provisions disallowing exemption where trust funds are misapplied; absence of any direct or seized evidence linking investments to trust activity led to rejection of the addition. Cash seized during search was held satisfactorily explained by inventory, books and recorded student admissions, and thus could not be added to assessable income. Case-Laws Income Tax Mon, 18 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155068