https://www.taxtmi.com/caselaws?id=119950 A tax addition based solely on an assessee's earlier statement before the Enforcement Directorate, alleging a bogus NRI gift under a foreign exchange immunity scheme, could not be sustained where the statement was later retracted and remained uncorroborated by independent evidence. The Tribunal noted that foreign exchange proceedings had been dropped for want of supporting material and that the relevant Board circular barred enquiry into such remittances in income-tax proceedings under the statutory immunity scheme. A confessional statement alone, particularly after a bona fide retraction, was insufficient to justify the addition. The addition was therefore deleted. en-us Tue, 12 Sep 2006 00:00:00 +0530 Sat, 14 Jul 2012 12:46:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119950 A tax addition based solely on an assessee's earlier statement before the Enforcement Directorate, alleging a bogus NRI gift under a foreign exchange immunity scheme, could not be sustained where the statement was later retracted and remained uncorroborated by independent evidence. The Tribunal noted that foreign exchange proceedings had been dropped for want of supporting material and that the relevant Board circular barred enquiry into such remittances in income-tax proceedings under the statutory immunity scheme. A confessional statement alone, particularly after a bona fide retraction, was insufficient to justify the addition. The addition was therefore deleted. Case-Laws Income Tax Tue, 12 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119950