https://www.taxtmi.com/caselaws?id=57024 An addition for undisclosed income based on alleged cash payment for share purchase was held unsustainable where the witnesses were not eye-witnesses, their search-time statements were later retracted, and their later statements consistently denied seeing any cash payment. The balance consideration was paid by cheque, and the search yielded no incriminating receipt or other corroborative material. The majority therefore treated the addition as founded on suspicion and conjecture rather than cogent evidence and directed deletion. The dissent accepted the surrounding circumstances and initial witness statements as sufficient to indicate cash over and above cheque payments and would have sustained part of the addition. en-us Tue, 28 May 2002 00:00:00 +0530 Wed, 08 Dec 2010 09:39:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57024 An addition for undisclosed income based on alleged cash payment for share purchase was held unsustainable where the witnesses were not eye-witnesses, their search-time statements were later retracted, and their later statements consistently denied seeing any cash payment. The balance consideration was paid by cheque, and the search yielded no incriminating receipt or other corroborative material. The majority therefore treated the addition as founded on suspicion and conjecture rather than cogent evidence and directed deletion. The dissent accepted the surrounding circumstances and initial witness statements as sufficient to indicate cash over and above cheque payments and would have sustained part of the addition. Case-Laws Income Tax Tue, 28 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57024