https://www.taxtmi.com/caselaws?id=235384 The High Court upheld the Tribunal's decision to add Rs.20 lakh as undisclosed income to the assessee. The Court found the assessee's explanation lacking concrete evidence and credibility, emphasizing the importance of providing substantial evidence during income tax assessments. The Tribunal's reliance on the statement made during the survey under section 133A was deemed valid, despite the assessee's later retraction and failure to provide supporting evidence. The Court concluded that no legal question arose, affirming the addition of undisclosed income based on the lack of credibility in the assessee's explanation. en-us Mon, 08 Apr 2013 00:00:00 +0530 Mon, 22 Jul 2013 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235384 The High Court upheld the Tribunal's decision to add Rs.20 lakh as undisclosed income to the assessee. The Court found the assessee's explanation lacking concrete evidence and credibility, emphasizing the importance of providing substantial evidence during income tax assessments. The Tribunal's reliance on the statement made during the survey under section 133A was deemed valid, despite the assessee's later retraction and failure to provide supporting evidence. The Court concluded that no legal question arose, affirming the addition of undisclosed income based on the lack of credibility in the assessee's explanation. Case-Laws Income Tax Mon, 08 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235384