https://www.taxtmi.com/caselaws?id=121306 The tribunal allowed the appeal of the assessee, holding that the addition of Rs. 22,90,000 was made without corroborative evidence and solely based on a retracted statement during the survey. It emphasized the importance of corroborative material in assessment proceedings and highlighted the need for proper verification of facts by assessing authorities. The tribunal found the CIT(A)'s order to be based on conjectures and lacking factual support, ultimately ruling in favor of the assessee and concluding that no addition was warranted based on the surrender made during the survey. en-us Fri, 17 Jul 2009 00:00:00 +0530 Wed, 04 Oct 2023 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121306 The tribunal allowed the appeal of the assessee, holding that the addition of Rs. 22,90,000 was made without corroborative evidence and solely based on a retracted statement during the survey. It emphasized the importance of corroborative material in assessment proceedings and highlighted the need for proper verification of facts by assessing authorities. The tribunal found the CIT(A)'s order to be based on conjectures and lacking factual support, ultimately ruling in favor of the assessee and concluding that no addition was warranted based on the surrender made during the survey. Case-Laws Income Tax Fri, 17 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121306