https://www.taxtmi.com/caselaws?id=459064 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 15,10,000 as undisclosed income. The Tribunal emphasized the absence of corroborative evidence and the non-conclusive nature of statements recorded during surveys under Section 133A. It highlighted the necessity for the AO to exercise discretion under Section 69B, reinforcing that additions based solely on uncorroborated statements or documents are unsustainable. The assessee, a housewife with no apparent source of undisclosed income, could not reasonably be assumed to have made the alleged investment, leading to the Tribunal's decision to uphold the deletion. en-us Fri, 26 Mar 2010 00:00:00 +0530 Thu, 28 Nov 2024 16:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459064 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 15,10,000 as undisclosed income. The Tribunal emphasized the absence of corroborative evidence and the non-conclusive nature of statements recorded during surveys under Section 133A. It highlighted the necessity for the AO to exercise discretion under Section 69B, reinforcing that additions based solely on uncorroborated statements or documents are unsustainable. The assessee, a housewife with no apparent source of undisclosed income, could not reasonably be assumed to have made the alleged investment, leading to the Tribunal's decision to uphold the deletion. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459064