https://www.taxtmi.com/caselaws?id=470698 An addition based on a search statement under Section 132(4) requires a clear, unambiguous, unconditional and unequivocal admission supported by relevant material. Although such a statement has evidentiary value, it is not conclusive. The alleged surrender did not specify the assessment year, business activity or source of undisclosed income, and no incriminating material from the locker or other independent evidence linked it to the year assessed. A separate addition also risked double taxation because additions exceeding the surrendered amount had been sustained in related business concerns. The article notes that the addition could not be sustained on the vague, uncorroborated statement alone. en-us Wed, 26 Mar 2025 00:00:00 +0530 Tue, 04 Aug 2026 20:51:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470698 An addition based on a search statement under Section 132(4) requires a clear, unambiguous, unconditional and unequivocal admission supported by relevant material. Although such a statement has evidentiary value, it is not conclusive. The alleged surrender did not specify the assessment year, business activity or source of undisclosed income, and no incriminating material from the locker or other independent evidence linked it to the year assessed. A separate addition also risked double taxation because additions exceeding the surrendered amount had been sustained in related business concerns. The article notes that the addition could not be sustained on the vague, uncorroborated statement alone. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470698