https://www.taxtmi.com/caselaws?id=777129 Additions based on loose papers and a retracted search statement require reliable independent corroboration. Unsigned and undated papers, unsupported by material linking their entries to unaccounted sales or investments, do not establish undisclosed transactions, particularly where the entries correspond with an Excise Department notification. A promptly retracted statement cannot alone justify additions without corroborative evidence. Suspicion or guesswork cannot substitute proof; consequently, the additions were deleted in favour of the assessee. en-us Thu, 31 Jul 2025 00:00:00 +0530 Mon, 25 Aug 2025 08:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777129 Additions based on loose papers and a retracted search statement require reliable independent corroboration. Unsigned and undated papers, unsupported by material linking their entries to unaccounted sales or investments, do not establish undisclosed transactions, particularly where the entries correspond with an Excise Department notification. A promptly retracted statement cannot alone justify additions without corroborative evidence. Suspicion or guesswork cannot substitute proof; consequently, the additions were deleted in favour of the assessee. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777129