https://www.taxtmi.com/caselaws?id=262456 The ITAT upheld the CIT (A)'s decision to determine the Respondent Assessee's income based on seized loose papers, deleting an addition of Rs. 3,07,00,000 and sustaining only Rs. 7,90,000. The voluntary surrender of Rs. 7 crores by the company was not attributed to the Respondent Assessee individually due to contradictory statements. The reliability of the Respondent Assessee's statements was questioned, lacking corroboration. The Court distinguished the legal precedent on retracted statements, finding no retraction here. Consequently, the appeal was dismissed under Section 260A of the Income Tax Act, 1961, with no substantial legal question identified. en-us Wed, 29 Jul 2015 00:00:00 +0530 Tue, 11 Aug 2015 07:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262456 The ITAT upheld the CIT (A)'s decision to determine the Respondent Assessee's income based on seized loose papers, deleting an addition of Rs. 3,07,00,000 and sustaining only Rs. 7,90,000. The voluntary surrender of Rs. 7 crores by the company was not attributed to the Respondent Assessee individually due to contradictory statements. The reliability of the Respondent Assessee's statements was questioned, lacking corroboration. The Court distinguished the legal precedent on retracted statements, finding no retraction here. Consequently, the appeal was dismissed under Section 260A of the Income Tax Act, 1961, with no substantial legal question identified. Case-Laws Income Tax Wed, 29 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262456