Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
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A search statement under section 132(4) was held insufficient by itself to sustain an addition under section 69A where it was promptly retracted and no corroborative incriminating material was found. The Tribunal noted that the assessee explained the circumstances of the statement, while the Assessing Officer produced no seized jewellery, cash deposits, bank material, documentary trail, or other independent evidence to support the alleged receipt or its application. Because the addition rested only on the retracted statement and the statutory burden was not discharged by independent corroboration, the appellate deletion of the addition was upheld.
A search statement under section 132(4) was held insufficient by itself to sustain an addition under section 69A where it was promptly retracted and no corroborative incriminating material was found. The Tribunal noted that the assessee explained the circumstances of the statement, while the Assessing Officer produced no seized jewellery, cash deposits, bank material, documentary trail, or other independent evidence to support the alleged receipt or its application. Because the addition rested only on the retracted statement and the statutory burden was not discharged by independent corroboration, the appellate deletion of the addition was upheld.
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