https://www.taxtmi.com/caselaws?id=428598 The Tribunal allowed the appeal, ruling that the addition of Rs.20,00,000/- as unexplained investment under section 69 of the Income Tax Act was deleted due to lack of corroborative evidence. The Tribunal emphasized the necessity for independent verification by the Assessing Officer and highlighted the insufficiency of relying solely on the Investigation Wing's report and loose sheets as evidence. The decision referenced a prior case where similar additions were dismissed for the same reason, underscoring the importance of considering the assessee's confirmations and bank statements. en-us Tue, 20 Sep 2022 00:00:00 +0530 Thu, 06 Oct 2022 08:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428598 The Tribunal allowed the appeal, ruling that the addition of Rs.20,00,000/- as unexplained investment under section 69 of the Income Tax Act was deleted due to lack of corroborative evidence. The Tribunal emphasized the necessity for independent verification by the Assessing Officer and highlighted the insufficiency of relying solely on the Investigation Wing's report and loose sheets as evidence. The decision referenced a prior case where similar additions were dismissed for the same reason, underscoring the importance of considering the assessee's confirmations and bank statements. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428598