https://www.taxtmi.com/caselaws?id=249394 The High Court allowed the Revenue's appeal, reinstating the addition of Rs. 55,00,000 as deemed income under Section 69B of the Income Tax Act. The Court emphasized the significance of corroborative evidence in retracted confessions and upheld the Assessing Officer's reliance on other material evidence. The penalty issue was remitted back to the CIT (Appeals) for independent reconsideration in light of the substantive proceedings' outcome. en-us Tue, 01 Jul 2014 00:00:00 +0530 Thu, 19 Feb 2015 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249394 The High Court allowed the Revenue's appeal, reinstating the addition of Rs. 55,00,000 as deemed income under Section 69B of the Income Tax Act. The Court emphasized the significance of corroborative evidence in retracted confessions and upheld the Assessing Officer's reliance on other material evidence. The penalty issue was remitted back to the CIT (Appeals) for independent reconsideration in light of the substantive proceedings' outcome. Case-Laws Income Tax Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249394