https://www.taxtmi.com/caselaws?id=291983 The tribunal partially allowed the assessee's appeal by deleting the addition of Rs. 1,60,00,000 made by the Assessing Officer. The tribunal found that the AO's reliance solely on the statement recorded under section 132(4) was not justified, especially when subsequent evidence provided by the assessee supported the claim that the amount was refunded. The tribunal emphasized that the AO did not conduct further inquiries to verify the claim. The order was pronounced on 27/04/2018. en-us Fri, 27 Apr 2018 00:00:00 +0530 Thu, 03 Dec 2020 10:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291983 The tribunal partially allowed the assessee's appeal by deleting the addition of Rs. 1,60,00,000 made by the Assessing Officer. The tribunal found that the AO's reliance solely on the statement recorded under section 132(4) was not justified, especially when subsequent evidence provided by the assessee supported the claim that the amount was refunded. The tribunal emphasized that the AO did not conduct further inquiries to verify the claim. The order was pronounced on 27/04/2018. Case-Laws Income Tax Fri, 27 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291983