https://www.taxtmi.com/caselaws?id=468957 Loose papers seized from a third party's premises could not support an addition in the assessee's hands where the documents were not linked to the assessee, the alleged name reference was uncorroborated, and no independent material showed any business or financial nexus. The tribunal noted that the presumption under search provisions operates only against the person from whose premises the documents are seized, and that a statement later retracted on cross-examination, without corroborative evidence, has no sufficient evidentiary value. The unexplained extrapolation of the figures was therefore treated as unsustainable, and the proposed undisclosed-income addition failed. en-us Mon, 10 Feb 2025 00:00:00 +0530 Mon, 25 May 2026 14:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468957 Loose papers seized from a third party's premises could not support an addition in the assessee's hands where the documents were not linked to the assessee, the alleged name reference was uncorroborated, and no independent material showed any business or financial nexus. The tribunal noted that the presumption under search provisions operates only against the person from whose premises the documents are seized, and that a statement later retracted on cross-examination, without corroborative evidence, has no sufficient evidentiary value. The unexplained extrapolation of the figures was therefore treated as unsustainable, and the proposed undisclosed-income addition failed. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468957