https://www.taxtmi.com/caselaws?id=411637 Duplicate taxation of the same Dummugudem Project expenditure was not justified where that outlay had already been disallowed on the same facts, so the separate standalone addition was deleted. By contrast, impounded loose sheets treated as an investment statement, coupled with the assessee's failure to retract the survey statement or satisfactorily explain the entries, supported the statutory presumption against the assessee. The Tribunal therefore accepted reliance on the impounded material and sustained the addition as unexplained cash credit. The result was mixed: relief was upheld on the duplicated project expense, while the addition based on the impounded investment statement was restored. en-us Tue, 24 Aug 2021 00:00:00 +0530 Mon, 30 Aug 2021 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411637 Duplicate taxation of the same Dummugudem Project expenditure was not justified where that outlay had already been disallowed on the same facts, so the separate standalone addition was deleted. By contrast, impounded loose sheets treated as an investment statement, coupled with the assessee's failure to retract the survey statement or satisfactorily explain the entries, supported the statutory presumption against the assessee. The Tribunal therefore accepted reliance on the impounded material and sustained the addition as unexplained cash credit. The result was mixed: relief was upheld on the duplicated project expense, while the addition based on the impounded investment statement was restored. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411637