https://www.taxtmi.com/caselaws?id=351352 The Commissioner of Income Tax (Appeals) deleted the addition of Rs. 36,97,000/- on account of unexplained investment in gold/silver jewellery, stating that additions cannot be solely based on statements recorded during a search but must consider all available evidence. The Tribunal upheld this decision, emphasizing that the retraction of the statement made under Section 132(4) was valid, as the assessee provided substantial evidence to support the claim that the jewellery was disclosed. The appeal of the Revenue was dismissed, confirming that additions must consider subsequent evidence and not solely rely on initial statements. en-us Fri, 30 Jun 2017 00:00:00 +0530 Fri, 24 Nov 2017 06:23:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351352 The Commissioner of Income Tax (Appeals) deleted the addition of Rs. 36,97,000/- on account of unexplained investment in gold/silver jewellery, stating that additions cannot be solely based on statements recorded during a search but must consider all available evidence. The Tribunal upheld this decision, emphasizing that the retraction of the statement made under Section 132(4) was valid, as the assessee provided substantial evidence to support the claim that the jewellery was disclosed. The appeal of the Revenue was dismissed, confirming that additions must consider subsequent evidence and not solely rely on initial statements. Case-Laws Income Tax Fri, 30 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351352