https://www.taxtmi.com/caselaws?id=431817 The Tribunal upheld the CIT (A)'s decision, ruling that the addition made by the AO solely based on a statement recorded under Section 132(4) without corroborative evidence was not justified. The cost of construction for calculating capital gains was accepted at Rs. 1600/- per sq. ft., supported by evidence from a confirmation letter and a construction agreement. The Tribunal emphasized that confessions during search operations without credible evidence are unreliable. Consequently, the appeal filed by the Revenue was dismissed. en-us Mon, 19 Dec 2022 00:00:00 +0530 Thu, 22 Dec 2022 08:44:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431817 The Tribunal upheld the CIT (A)'s decision, ruling that the addition made by the AO solely based on a statement recorded under Section 132(4) without corroborative evidence was not justified. The cost of construction for calculating capital gains was accepted at Rs. 1600/- per sq. ft., supported by evidence from a confirmation letter and a construction agreement. The Tribunal emphasized that confessions during search operations without credible evidence are unreliable. Consequently, the appeal filed by the Revenue was dismissed. Case-Laws Income Tax Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431817