https://www.taxtmi.com/caselaws?id=180213 The Tribunal ruled in favor of the assessee in a tax appeal case. It held that the addition of unaccounted income based solely on a statement recorded during a survey was not valid, emphasizing the lack of evidentiary value in such statements. The Tribunal deleted the disputed amount from the assessee's income due to discrepancies and lack of concrete evidence. Additionally, the disallowance of interest paid to creditors was overturned as the Tribunal found no clear nexus between the disputed amount and interest payment. The Tribunal acknowledged the mandatory nature of interest imposition but granted consequential relief to the assessee. en-us Thu, 29 Aug 2013 00:00:00 +0530 Mon, 05 Dec 2016 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180213 The Tribunal ruled in favor of the assessee in a tax appeal case. It held that the addition of unaccounted income based solely on a statement recorded during a survey was not valid, emphasizing the lack of evidentiary value in such statements. The Tribunal deleted the disputed amount from the assessee's income due to discrepancies and lack of concrete evidence. Additionally, the disallowance of interest paid to creditors was overturned as the Tribunal found no clear nexus between the disputed amount and interest payment. The Tribunal acknowledged the mandatory nature of interest imposition but granted consequential relief to the assessee. Case-Laws Income Tax Thu, 29 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180213