https://www.taxtmi.com/caselaws?id=396897 The Tribunal ruled in favor of the assessee, setting aside the CIT(A)'s order. It found that the additions of unsecured loans as undisclosed income under Section 68 were not sustainable as they lacked incriminating material and relied solely on uncorroborated statements. The Tribunal emphasized that the AO cannot selectively accept parts of the assessee's statement without proper inquiry or corroborative evidence. Additionally, the Tribunal noted that the alternative argument under Section 2(22)(e) was not applicable as no separate addition was made under this section. en-us Thu, 18 Jun 2020 00:00:00 +0530 Fri, 24 Jul 2020 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396897 The Tribunal ruled in favor of the assessee, setting aside the CIT(A)'s order. It found that the additions of unsecured loans as undisclosed income under Section 68 were not sustainable as they lacked incriminating material and relied solely on uncorroborated statements. The Tribunal emphasized that the AO cannot selectively accept parts of the assessee's statement without proper inquiry or corroborative evidence. Additionally, the Tribunal noted that the alternative argument under Section 2(22)(e) was not applicable as no separate addition was made under this section. Case-Laws Income Tax Thu, 18 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396897