https://www.taxtmi.com/caselaws?id=389471 The Tribunal dismissed the appeal of the Revenue, confirming the deletion of an addition of Rs. 1.50 crores under section 69B of the Income-tax Act, 1961. The Tribunal upheld the CIT(A)'s decision, emphasizing the lack of incriminating material or evidence supporting the addition and the diminished evidentiary value of retracted statements. The judgment highlighted the necessity of concrete evidence in tax assessments and affirmed the importance of disregarding retracted statements lacking credibility. en-us Thu, 28 Nov 2019 00:00:00 +0530 Mon, 09 Dec 2019 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389471 The Tribunal dismissed the appeal of the Revenue, confirming the deletion of an addition of Rs. 1.50 crores under section 69B of the Income-tax Act, 1961. The Tribunal upheld the CIT(A)'s decision, emphasizing the lack of incriminating material or evidence supporting the addition and the diminished evidentiary value of retracted statements. The judgment highlighted the necessity of concrete evidence in tax assessments and affirmed the importance of disregarding retracted statements lacking credibility. Case-Laws Income Tax Thu, 28 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389471