https://www.taxtmi.com/caselaws?id=759887 ITAT Delhi allowed the assessee's appeal against addition of unexplained income under section 69 read with section 115BBE. The AO made the addition assuming the bank employee received commission for work done beyond working hours, violating banking norms. The tribunal held that while statements under section 132(4) have evidentiary value, additions cannot be sustained solely on statements without corroborating material. Since no supporting evidence was found during search operations and the addition was based on mere assumptions, it was not sustainable and was deleted. en-us Tue, 08 Oct 2024 00:00:00 +0530 Thu, 10 Oct 2024 08:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759887 ITAT Delhi allowed the assessee's appeal against addition of unexplained income under section 69 read with section 115BBE. The AO made the addition assuming the bank employee received commission for work done beyond working hours, violating banking norms. The tribunal held that while statements under section 132(4) have evidentiary value, additions cannot be sustained solely on statements without corroborating material. Since no supporting evidence was found during search operations and the addition was based on mere assumptions, it was not sustainable and was deleted. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759887