https://www.taxtmi.com/caselaws?id=310650 ITAT Mumbai held that additions for assessment years 2008-09 to 2013-14 under Section 153A cannot be sustained based solely on retracted statements made during search proceedings, as statements under Section 132(4) do not constitute incriminating material without supporting evidence. The tribunal deleted these additions, following precedents from Delhi and Bombay HCs. For AY 2014-15, the matter was remanded to AO for fresh examination of business genuineness. However, the tribunal upheld the validity of reopening assessment for AY 2007-08, finding tangible material justified the reassessment proceedings. en-us Fri, 31 Mar 2023 00:00:00 +0530 Sat, 04 Nov 2023 09:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310650 ITAT Mumbai held that additions for assessment years 2008-09 to 2013-14 under Section 153A cannot be sustained based solely on retracted statements made during search proceedings, as statements under Section 132(4) do not constitute incriminating material without supporting evidence. The tribunal deleted these additions, following precedents from Delhi and Bombay HCs. For AY 2014-15, the matter was remanded to AO for fresh examination of business genuineness. However, the tribunal upheld the validity of reopening assessment for AY 2007-08, finding tangible material justified the reassessment proceedings. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310650