Addition on mere presumption without corroborative evidence is not sustainable

Ajay Gupta Vs CIT Appeals (Allahabad High Court) Additions of Undisclosed Income Can be made only on the basis of the entries made in the documents which give corroborative evidence and not just on presumption. It is not in dispute that two loose papers were found during search from the premises of assessee, however, during block assessment proceedings, the assessee had denied the documents and statement was recorded by Deputy Director of Investigation, he had submitted that he had no concern with the said documents, so seized. Further, the A.O. while passing the assessment order had only on b...