https://www.taxtmi.com/caselaws?id=353597 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision to delete additions of Rs. 1.20 crores to the assessee's income. The Tribunal held that the statement recorded under Section 133A, later retracted by the assessee, lacked sufficient evidentiary value for the additions. Emphasizing the importance of corroborative evidence and independent investigation by the Assessing Officer, the Tribunal concluded that the AO's reliance solely on the retracted statement was unjustified, highlighting the principles of natural justice and the requirement for credible evidence in income additions. en-us Fri, 05 Jan 2018 00:00:00 +0530 Mon, 08 Jan 2018 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353597 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision to delete additions of Rs. 1.20 crores to the assessee's income. The Tribunal held that the statement recorded under Section 133A, later retracted by the assessee, lacked sufficient evidentiary value for the additions. Emphasizing the importance of corroborative evidence and independent investigation by the Assessing Officer, the Tribunal concluded that the AO's reliance solely on the retracted statement was unjustified, highlighting the principles of natural justice and the requirement for credible evidence in income additions. Case-Laws Income Tax Fri, 05 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353597