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ITAT allowed the appeal, deleting additions alleging undisclosed investment income. The Tribunal held the AO lacked corroborative evidence linking the assessee to cash loans or reinvestments through identified finance brokers (referred to as Broker A and Broker B) or Company X; seized papers were vagae and self-serving, and no statements from alleged brokers or borrowers were recorded despite available contact details. The AO relied on impounded documents and a statement recorded u/s 133A by the IO that was subsequently retracted; the retracted statement, coupled with absence of independent evidence, could not sustain additions. Consequently, no adverse inference could be drawn and the additions were quashed.
ITAT allowed the appeal, deleting additions alleging undisclosed investment income. The Tribunal held the AO lacked corroborative evidence linking the assessee to cash loans or reinvestments through identified finance brokers (referred to as Broker A and Broker B) or Company X; seized papers were vagae and self-serving, and no statements from alleged brokers or borrowers were recorded despite available contact details. The AO relied on impounded documents and a statement recorded u/s 133A by the IO that was subsequently retracted; the retracted statement, coupled with absence of independent evidence, could not sustain additions. Consequently, no adverse inference could be drawn and the additions were quashed.
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