Section 132(4) Statements Alone Insufficient Without Supporting Evidence

PCIT Vs Laxmi Memorial Education Trust (Karnataka High Court) Unsigned Loose Sheets, Hostile Witnesses and Lack of Corroboration – Karnataka HC Upholds ITAT Relief to Educational Trust The Karnataka High Court dismissed the Revenue’s appeal under section 260A and affirmed the order of the Income Tax Appellate Tribunal deleting an addition of ₹6.61 crore made in the hands of an educational trust for AY 2021–22. The addition was made on the allegation that the assessee had collected unaccounted cash from students, primarily based on unsigned loose sheets seized during search proceedings ...