https://www.taxtmi.com/caselaws?id=399770 A tax addition based solely on newspaper and press reports alleging receipt of USD 30 million on sale of a business or domain name was rejected because the reports were not independently verified and no corroborative evidence was produced. The record reflected separate transactions involving share transfer and later transfer of domain and brand assets, so the media report could not itself establish taxable receipt. A newspaper item is hearsay and cannot justify an undisclosed-income addition without admissible supporting material. The deletion of the addition was therefore upheld in favour of the assessee. en-us Wed, 09 Sep 2020 00:00:00 +0530 Mon, 19 Oct 2020 13:42:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399770 A tax addition based solely on newspaper and press reports alleging receipt of USD 30 million on sale of a business or domain name was rejected because the reports were not independently verified and no corroborative evidence was produced. The record reflected separate transactions involving share transfer and later transfer of domain and brand assets, so the media report could not itself establish taxable receipt. A newspaper item is hearsay and cannot justify an undisclosed-income addition without admissible supporting material. The deletion of the addition was therefore upheld in favour of the assessee. Case-Laws Income Tax Wed, 09 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399770