https://www.taxtmi.com/caselaws?id=238023 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition of Rs.20,00,000 on account of alleged unexplained expenditure in construction. The Tribunal found that the addition was not supported by concrete material evidence and emphasized that statements recorded under section 133A hold no evidentiary value. The Tribunal highlighted the importance of relying on evidence gathered during surveys and accepted the assessee's retraction of the surrender statement. As a result, the Tribunal allowed the assessee's appeal, overturning the addition and rejecting penalty proceedings and penal interest. en-us Mon, 07 Oct 2013 00:00:00 +0530 Mon, 14 Oct 2013 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238023 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition of Rs.20,00,000 on account of alleged unexplained expenditure in construction. The Tribunal found that the addition was not supported by concrete material evidence and emphasized that statements recorded under section 133A hold no evidentiary value. The Tribunal highlighted the importance of relying on evidence gathered during surveys and accepted the assessee's retraction of the surrender statement. As a result, the Tribunal allowed the assessee's appeal, overturning the addition and rejecting penalty proceedings and penal interest. Case-Laws Income Tax Mon, 07 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238023