https://www.taxtmi.com/caselaws?id=176275 An admission made during search may be retracted, but the retraction must be backed by plausible material showing the statement cannot stand on facts or in law. Here, the majority found no cogent seized material, incriminating record, asset, or other corroboration linking the alleged undisclosed income to the assessee, so the addition could not rest on statements alone and was deleted. The majority also declined to adopt a percentage-based estimate without comparable material. The dissent considered the partner's statements voluntary and supported by search circumstances, and would have sustained a limited addition. The subject turns on the evidentiary value of search statements and the need for corroboration after retraction. en-us Fri, 06 Jul 2007 00:00:00 +0530 Thu, 08 Feb 2024 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176275 An admission made during search may be retracted, but the retraction must be backed by plausible material showing the statement cannot stand on facts or in law. Here, the majority found no cogent seized material, incriminating record, asset, or other corroboration linking the alleged undisclosed income to the assessee, so the addition could not rest on statements alone and was deleted. The majority also declined to adopt a percentage-based estimate without comparable material. The dissent considered the partner's statements voluntary and supported by search circumstances, and would have sustained a limited addition. The subject turns on the evidentiary value of search statements and the need for corroboration after retraction. Case-Laws Income Tax Fri, 06 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176275