https://www.taxtmi.com/caselaws?id=191144 A search-assessment commentary notes that a conditional disclosure of income, without supporting incriminating material, cannot by itself justify an addition and must be computed in line with the disclosed caveats. It also explains that interest on fixed deposits standing in the names of identified investors cannot be taxed in the assessee's hands as unexplained income or benami property unless the legal basis to disregard those names is established. For cash and expenditure items, the material may warrant partial confirmation and partial remand for reconciliation. Corresponding penalty exposure under section 271(1)(c) cannot survive mechanically where the quantum addition is deleted or remains under fresh verification. en-us Mon, 22 Aug 2016 00:00:00 +0530 Wed, 25 Dec 2019 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191144 A search-assessment commentary notes that a conditional disclosure of income, without supporting incriminating material, cannot by itself justify an addition and must be computed in line with the disclosed caveats. It also explains that interest on fixed deposits standing in the names of identified investors cannot be taxed in the assessee's hands as unexplained income or benami property unless the legal basis to disregard those names is established. For cash and expenditure items, the material may warrant partial confirmation and partial remand for reconciliation. Corresponding penalty exposure under section 271(1)(c) cannot survive mechanically where the quantum addition is deleted or remains under fresh verification. Case-Laws Benami Property Mon, 22 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191144