https://www.taxtmi.com/caselaws?id=68483 An addition for unexplained investment under section 69 cannot be sustained solely on a partner's statement recorded in excise proceedings when the statement is retracted and there is no independent enquiry, corroborative material, or defect in the books of account. The absence of a supplied copy of the statement, further examination by the Assessing Officer, or evidence of suppressed sales left the material insufficient to support the addition. The document also notes that where an assessee is denied adequate opportunity of hearing, the assessment and first appellate orders may require fresh consideration, with the matter remanded for rehearing in the interests of justice. en-us Fri, 17 Oct 2003 00:00:00 +0530 Fri, 05 Jul 2024 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68483 An addition for unexplained investment under section 69 cannot be sustained solely on a partner's statement recorded in excise proceedings when the statement is retracted and there is no independent enquiry, corroborative material, or defect in the books of account. The absence of a supplied copy of the statement, further examination by the Assessing Officer, or evidence of suppressed sales left the material insufficient to support the addition. The document also notes that where an assessee is denied adequate opportunity of hearing, the assessment and first appellate orders may require fresh consideration, with the matter remanded for rehearing in the interests of justice. Case-Laws Income Tax Fri, 17 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68483