https://www.taxtmi.com/caselaws?id=763700 The Telangana HC upheld ITAT's decision confirming addition under Section 69B where share certificates were found during search operations. The assessee failed to discharge the burden of proof to rebut the presumption under Section 132(4A) that the investment represented undisclosed income. Despite claiming the shares were purchased in 1994 (outside the block period), the assessee provided no evidence to substantiate this claim. The HC found the factual findings were based on proper appreciation of evidence and not perverse, declining to interfere under Section 260A appeal. The addition was sustained against the assessee. en-us Mon, 23 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 08:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763700 The Telangana HC upheld ITAT's decision confirming addition under Section 69B where share certificates were found during search operations. The assessee failed to discharge the burden of proof to rebut the presumption under Section 132(4A) that the investment represented undisclosed income. Despite claiming the shares were purchased in 1994 (outside the block period), the assessee provided no evidence to substantiate this claim. The HC found the factual findings were based on proper appreciation of evidence and not perverse, declining to interfere under Section 260A appeal. The addition was sustained against the assessee. Case-Laws Income Tax Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763700