https://www.taxtmi.com/caselaws?id=296366 A retracted survey statement cannot, by itself, sustain additions or reassessment under the Income-tax Act, 1961. Although statements recorded during survey proceedings may be relied upon under section 132(4), their evidentiary value is diluted once retracted, and the Assessing Officer must support the proposed addition with corroborative material. Mere rejection of the retraction is insufficient where no independent evidence substantiates the alleged understatement. On the facts described, the additions rested entirely on the retracted statements, so the assessment orders were unsustainable. en-us Thu, 06 Nov 2014 00:00:00 +0530 Sat, 17 Jul 2021 07:26:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296366 A retracted survey statement cannot, by itself, sustain additions or reassessment under the Income-tax Act, 1961. Although statements recorded during survey proceedings may be relied upon under section 132(4), their evidentiary value is diluted once retracted, and the Assessing Officer must support the proposed addition with corroborative material. Mere rejection of the retraction is insufficient where no independent evidence substantiates the alleged understatement. On the facts described, the additions rested entirely on the retracted statements, so the assessment orders were unsustainable. Case-Laws Income Tax Thu, 06 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296366