https://www.taxtmi.com/caselaws?id=68552 The ITAT ruled in favor of the assessee, directing the deletion of the Rs. 33,480 addition. The Tribunal emphasized that assessments should be based on merit rather than solely on surrender statements made during search proceedings. It highlighted the necessity of substantiating claims with evidence, noting the assessee's explanation of rate differences was unrefuted by the AO or CIT(A). en-us Mon, 06 Oct 2003 00:00:00 +0530 Fri, 09 Aug 2024 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68552 The ITAT ruled in favor of the assessee, directing the deletion of the Rs. 33,480 addition. The Tribunal emphasized that assessments should be based on merit rather than solely on surrender statements made during search proceedings. It highlighted the necessity of substantiating claims with evidence, noting the assessee's explanation of rate differences was unrefuted by the AO or CIT(A). Case-Laws Income Tax Mon, 06 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68552