https://www.taxtmi.com/caselaws?id=330375 An addition towards alleged speculation income cannot be sustained solely on a statement recorded under section 132(4) when the statement is retracted and no independent corroborative material exists. The Court applied the principle that an admission, by itself, is insufficient to justify a tax addition unless supported by evidence, and held that mere suspicion or speculation cannot bring income to tax. The addition was therefore deleted in favour of the assessee. en-us Thu, 14 Jul 2016 00:00:00 +0530 Sat, 23 Jul 2016 20:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330375 An addition towards alleged speculation income cannot be sustained solely on a statement recorded under section 132(4) when the statement is retracted and no independent corroborative material exists. The Court applied the principle that an admission, by itself, is insufficient to justify a tax addition unless supported by evidence, and held that mere suspicion or speculation cannot bring income to tax. The addition was therefore deleted in favour of the assessee. Case-Laws Income Tax Thu, 14 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330375