https://www.taxtmi.com/caselaws?id=281455 Additions in search assessments cannot rest solely on a section 132(4) statement without corroborative material; a statement recorded during search is insufficient by itself to sustain an undisclosed income addition. Seized loose papers are not books of account for section 68, so peak credit, unexplained capital and notional interest additions based only on such papers were deleted; section 69B was also held inapplicable to alleged investment in debtors. Where cash found during search was already linked to the same rotated funds and surrendered peak, a separate unexplained-money addition would amount to duplication, and telescoping was accepted. en-us Fri, 07 Mar 2014 00:00:00 +0530 Tue, 18 Apr 2023 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281455 Additions in search assessments cannot rest solely on a section 132(4) statement without corroborative material; a statement recorded during search is insufficient by itself to sustain an undisclosed income addition. Seized loose papers are not books of account for section 68, so peak credit, unexplained capital and notional interest additions based only on such papers were deleted; section 69B was also held inapplicable to alleged investment in debtors. Where cash found during search was already linked to the same rotated funds and surrendered peak, a separate unexplained-money addition would amount to duplication, and telescoping was accepted. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281455