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6.1 In the case of M.M.Financers (P) Ltd. v. DCIT [(2007) 107 TTJ (Chennai) 200], the Tribunal held that no addition could be made in the hands of the assessee on the basis of statement made by a third party and the unsigned agreement and loose papers seized from the residence, in the absence of any corroborative material to show the payment of any undisclosed consideration by the assessee towards the purchase of land.
6.2 In the case of CIT v. P.V.Kalyanasundaram [(2006) 282 ITR 259 (Mad.)], the Hon'ble Madras High Court had observed as under:-