https://www.taxtmi.com/caselaws?id=205614 The Madras HC allowed the assessee's appeal against addition of Rs. 4 lakhs as unaccounted income following search and seizure. The assessee successfully explained that amounts offered during search were loans from relatives who were already assessed on these amounts. The pawn broking transactions related to prior years and were irrelevant to the assessment year. The Commissioner of Income-tax (Appeals) correctly cancelled the assessment. The decision was supported by CBDT Circular dated 10-3-2003, which directed officers not to place undue emphasis on recorded statements and mandated against obtaining confessions regarding undisclosed income. en-us Wed, 13 Jul 2011 00:00:00 +0530 Tue, 13 May 2025 16:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205614 The Madras HC allowed the assessee's appeal against addition of Rs. 4 lakhs as unaccounted income following search and seizure. The assessee successfully explained that amounts offered during search were loans from relatives who were already assessed on these amounts. The pawn broking transactions related to prior years and were irrelevant to the assessment year. The Commissioner of Income-tax (Appeals) correctly cancelled the assessment. The decision was supported by CBDT Circular dated 10-3-2003, which directed officers not to place undue emphasis on recorded statements and mandated against obtaining confessions regarding undisclosed income. Case-Laws Income Tax Wed, 13 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205614