https://www.taxtmi.com/caselaws?id=300560 The Tribunal upheld the Commissioner (Appeals)'s decision to delete the additions made by the assessing officer. It concluded that the retracted statement lacked evidentiary value without corroborative evidence, the procedural lapses undermined the reliability of the statement, and the assessee's right to cross-examine was violated. The Tribunal emphasized that tax assessments must be based on real income and supported by credible evidence, not merely on retracted statements. en-us Fri, 23 Mar 2007 00:00:00 +0530 Fri, 11 Feb 2022 18:16:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300560 The Tribunal upheld the Commissioner (Appeals)'s decision to delete the additions made by the assessing officer. It concluded that the retracted statement lacked evidentiary value without corroborative evidence, the procedural lapses undermined the reliability of the statement, and the assessee's right to cross-examine was violated. The Tribunal emphasized that tax assessments must be based on real income and supported by credible evidence, not merely on retracted statements. Case-Laws Income Tax Fri, 23 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300560