https://www.taxtmi.com/caselaws?id=449595 ITAT Guwahati ruled in favor of the assessee regarding additions based on voluntary disclosure during search proceedings. The tribunal held that additions cannot be made solely on statements recorded under section 132(4) without corroborative evidence, especially when subsequently retracted. The AO was not justified in making additions based only on retracted statements without incriminating material establishing a live link. Additionally, the tribunal found that disclosed income of Rs. 75 lakhs by the private limited company should be treated as business income rather than unexplained income under section 115BBE, as no seized material supported the revenue's position. The assessee's cross-objection was allowed. en-us Thu, 18 Jan 2024 00:00:00 +0530 Thu, 15 Feb 2024 07:31:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449595 ITAT Guwahati ruled in favor of the assessee regarding additions based on voluntary disclosure during search proceedings. The tribunal held that additions cannot be made solely on statements recorded under section 132(4) without corroborative evidence, especially when subsequently retracted. The AO was not justified in making additions based only on retracted statements without incriminating material establishing a live link. Additionally, the tribunal found that disclosed income of Rs. 75 lakhs by the private limited company should be treated as business income rather than unexplained income under section 115BBE, as no seized material supported the revenue's position. The assessee's cross-objection was allowed. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449595