https://www.taxtmi.com/caselaws?id=406413 The Tribunal upheld the addition of Rs. 6,78,00,000/- to the total income of the assessee, dismissing the appeal due to inconsistent statements and lack of evidence supporting the claim that the disclosed amount was gross receipts. The retraction was considered an afterthought, emphasizing the need for immediate retraction and credible evidence for expenses against undisclosed income. The Tribunal highlighted the importance of providing evidence of expenses incurred to earn the disclosed income, ultimately affirming the decision of the lower authorities. en-us Fri, 26 Mar 2021 00:00:00 +0530 Wed, 14 Apr 2021 08:47:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406413 The Tribunal upheld the addition of Rs. 6,78,00,000/- to the total income of the assessee, dismissing the appeal due to inconsistent statements and lack of evidence supporting the claim that the disclosed amount was gross receipts. The retraction was considered an afterthought, emphasizing the need for immediate retraction and credible evidence for expenses against undisclosed income. The Tribunal highlighted the importance of providing evidence of expenses incurred to earn the disclosed income, ultimately affirming the decision of the lower authorities. Case-Laws Income Tax Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406413