https://www.taxtmi.com/caselaws?id=71251 Additions based solely on statements recorded during search under section 132(4) were held unsustainable where no corroborating material was found and the disclosure was retracted at the first opportunity. A search statement has evidentiary value, but a retracted confession cannot safely support an addition without independent supporting evidence. The alleged unexplained investment in household articles was also not treated as undisclosed investment because the items were accepted as old personal-use goods belonging to the assessee's father, with no proof of acquisition during the relevant year. The dismissal for non-prosecution was recalled where there was no wilful negligence and service was in doubt. en-us Wed, 22 Oct 2003 00:00:00 +0530 Thu, 04 Jul 2024 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71251 Additions based solely on statements recorded during search under section 132(4) were held unsustainable where no corroborating material was found and the disclosure was retracted at the first opportunity. A search statement has evidentiary value, but a retracted confession cannot safely support an addition without independent supporting evidence. The alleged unexplained investment in household articles was also not treated as undisclosed investment because the items were accepted as old personal-use goods belonging to the assessee's father, with no proof of acquisition during the relevant year. The dismissal for non-prosecution was recalled where there was no wilful negligence and service was in doubt. Case-Laws Income Tax Wed, 22 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71251