https://www.taxtmi.com/caselaws?id=783063 ITAT Kolkata dismissed the Revenue's appeal and upheld the CIT(A)'s deletion of the addition made as undisclosed income from brokerage. The Tribunal held that the assessee functioned only as a finance broker, as consistently accepted in statements and findings throughout the proceedings, including seized documents identifying separate lenders and borrowers. The alleged disclosure of Rs. 20 crores was found unsupported by any corroborative seized material, with peak balances never exceeding about Rs. 1.94 crores. Relying on CBDT instructions that additions must rest on evidence rather than uncorroborated confessions, ITAT affirmed that only brokerage income, not the underlying finance amounts, could be taxed in the assessee's hands. en-us Tue, 02 Dec 2025 00:00:00 +0530 Tue, 07 Jul 2026 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783063 ITAT Kolkata dismissed the Revenue's appeal and upheld the CIT(A)'s deletion of the addition made as undisclosed income from brokerage. The Tribunal held that the assessee functioned only as a finance broker, as consistently accepted in statements and findings throughout the proceedings, including seized documents identifying separate lenders and borrowers. The alleged disclosure of Rs. 20 crores was found unsupported by any corroborative seized material, with peak balances never exceeding about Rs. 1.94 crores. Relying on CBDT instructions that additions must rest on evidence rather than uncorroborated confessions, ITAT affirmed that only brokerage income, not the underlying finance amounts, could be taxed in the assessee's hands. Case-Laws Income Tax Tue, 02 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783063