https://www.taxtmi.com/caselaws?id=412728 The Tribunal allowed the appeal filed by the assessee, directing the deletion of the addition of Rs. 25 lakhs under Section 69C of the Income Tax Act. The Tribunal emphasized the lack of corroborative evidence to support the addition, highlighting that statements must be backed by material evidence. As no such evidence was found during the search proceedings, the AO was instructed to remove the addition, resulting in a favorable outcome for the assessee. en-us Wed, 22 Sep 2021 00:00:00 +0530 Fri, 24 Sep 2021 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412728 The Tribunal allowed the appeal filed by the assessee, directing the deletion of the addition of Rs. 25 lakhs under Section 69C of the Income Tax Act. The Tribunal emphasized the lack of corroborative evidence to support the addition, highlighting that statements must be backed by material evidence. As no such evidence was found during the search proceedings, the AO was instructed to remove the addition, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Wed, 22 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412728