https://www.taxtmi.com/caselaws?id=377823 The ITAT dismissed the revenue's appeals, upholding the CIT(A)'s decisions on both issues. The addition of on-money received on the sale of flats was deleted as the retracted statements lacked specific evidence linking the on-money to the assessee. The disallowance of conveyance and telephone expenses was also deleted, with the ITAT finding no new facts or contrary judgments to rebut the CIT(A)'s well-reasoned findings. The judgments highlighted the importance of corroborative evidence for additions based on retracted statements and the need for specific evidence to attribute personal expenses to a company. en-us Fri, 01 Mar 2019 00:00:00 +0530 Wed, 03 Apr 2019 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377823 The ITAT dismissed the revenue's appeals, upholding the CIT(A)'s decisions on both issues. The addition of on-money received on the sale of flats was deleted as the retracted statements lacked specific evidence linking the on-money to the assessee. The disallowance of conveyance and telephone expenses was also deleted, with the ITAT finding no new facts or contrary judgments to rebut the CIT(A)'s well-reasoned findings. The judgments highlighted the importance of corroborative evidence for additions based on retracted statements and the need for specific evidence to attribute personal expenses to a company. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377823