https://www.taxtmi.com/caselaws?id=429781 A section 68 addition based on a seized memorandum of understanding and a third party's later statement was deleted where the Tribunal found, on contemporaneous material, that the transaction belonged to that third party and not the assessee. The High Court accepted those factual findings, noting the supporting agreements to sell, complaints against the seller, a retraction affidavit, and the absence of cash recovery from the assessee's premises. It held that the later uncorroborated statement could not displace the contemporaneous evidence and that no substantial question of law arose, so the Revenue's challenge failed. en-us Thu, 27 Oct 2022 00:00:00 +0530 Thu, 03 Nov 2022 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429781 A section 68 addition based on a seized memorandum of understanding and a third party's later statement was deleted where the Tribunal found, on contemporaneous material, that the transaction belonged to that third party and not the assessee. The High Court accepted those factual findings, noting the supporting agreements to sell, complaints against the seller, a retraction affidavit, and the absence of cash recovery from the assessee's premises. It held that the later uncorroborated statement could not displace the contemporaneous evidence and that no substantial question of law arose, so the Revenue's challenge failed. Case-Laws Income Tax Thu, 27 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429781