https://www.taxtmi.com/caselaws?id=380577 The Tribunal directed the deletion of the addition of Rs. 20 lacs for alleged undisclosed investment in furniture and equipment, as the reliance on the surrender statement and presumption of unaccounted investments was deemed insufficient without concrete evidence. The Tribunal emphasized that additions cannot be made based solely on estimates or presumptions, requiring material evidence or verification. Consequently, the appeal of the assessee was allowed, and the addition was deleted. en-us Fri, 12 Apr 2019 00:00:00 +0530 Thu, 23 May 2019 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380577 The Tribunal directed the deletion of the addition of Rs. 20 lacs for alleged undisclosed investment in furniture and equipment, as the reliance on the surrender statement and presumption of unaccounted investments was deemed insufficient without concrete evidence. The Tribunal emphasized that additions cannot be made based solely on estimates or presumptions, requiring material evidence or verification. Consequently, the appeal of the assessee was allowed, and the addition was deleted. Case-Laws Income Tax Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380577