https://www.taxtmi.com/caselaws?id=326232 The Tribunal overturned the addition of Rs. 70,00,000 as undisclosed income in an income tax appeal. The decision emphasized the lack of evidentiary value in statements recorded during surveys under section 133A without corroborative evidence. The Tribunal highlighted the importance of relying on credible evidence and following legal procedures in income tax assessments, ultimately ruling that additions based solely on such statements are not sustainable. The case underscores the significance of adhering to established legal precedents and guidelines, such as the CBDT circular, in assessing undisclosed income. en-us Tue, 08 Mar 2016 00:00:00 +0530 Sat, 09 Apr 2016 08:06:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326232 The Tribunal overturned the addition of Rs. 70,00,000 as undisclosed income in an income tax appeal. The decision emphasized the lack of evidentiary value in statements recorded during surveys under section 133A without corroborative evidence. The Tribunal highlighted the importance of relying on credible evidence and following legal procedures in income tax assessments, ultimately ruling that additions based solely on such statements are not sustainable. The case underscores the significance of adhering to established legal precedents and guidelines, such as the CBDT circular, in assessing undisclosed income. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326232