https://www.taxtmi.com/caselaws?id=408831 Retraction of the director's search statement, coupled with the absence of independent verification from flat purchasers, made the seized loose papers insufficient to establish alleged on-money receipt on sale of flats. The fact that the recorded sale prices were above stamp duty values further weakened the inference of unaccounted cash. As the section 69B addition for unexplained investment rested on the same uncorroborated material, it also could not survive once the foundational evidence failed. On this reasoning, both the alleged on-money addition and the consequential unexplained investment addition were deleted. en-us Mon, 07 Jun 2021 00:00:00 +0530 Wed, 23 Jun 2021 10:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408831 Retraction of the director's search statement, coupled with the absence of independent verification from flat purchasers, made the seized loose papers insufficient to establish alleged on-money receipt on sale of flats. The fact that the recorded sale prices were above stamp duty values further weakened the inference of unaccounted cash. As the section 69B addition for unexplained investment rested on the same uncorroborated material, it also could not survive once the foundational evidence failed. On this reasoning, both the alleged on-money addition and the consequential unexplained investment addition were deleted. Case-Laws Income Tax Mon, 07 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408831