https://www.taxtmi.com/caselaws?id=121850 The ITAT Delhi allowed the appeal, ruling in favor of the assessee by deleting the Rs. 5,00,000 addition made under section 69 of the Income-tax Act, 1961. The Tribunal found that the statement made during the survey lacked evidentiary value as it was not on oath under section 133A, and there was no concrete evidence of actual investment. The Tribunal emphasized that income additions must be based on verified facts, not solely on unverified statements, thereby underscoring the necessity of concrete evidence for such tax additions. en-us Fri, 03 Oct 2008 00:00:00 +0530 Mon, 20 Nov 2023 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121850 The ITAT Delhi allowed the appeal, ruling in favor of the assessee by deleting the Rs. 5,00,000 addition made under section 69 of the Income-tax Act, 1961. The Tribunal found that the statement made during the survey lacked evidentiary value as it was not on oath under section 133A, and there was no concrete evidence of actual investment. The Tribunal emphasized that income additions must be based on verified facts, not solely on unverified statements, thereby underscoring the necessity of concrete evidence for such tax additions. Case-Laws Income Tax Fri, 03 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121850