https://www.taxtmi.com/highlights?id=74925 Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement recorded u/s 132(4) - The Tribunal observed that admissions made under duress or misconception can be retracted. The reliance solely on such statements for making additions, without corroborative evidence, is not sustainable. - The Tribunal held that without any incriminating material specifically linking the income to undisclosed sources, the disclosed income should be treated as business income, not taxable u/s 115BBE. en-us Thu, 15 Feb 2024 07:31:09 +0530 Thu, 15 Feb 2024 07:31:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74925 Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement recorded u/s 132(4) - The Tribunal observed that admissions made under duress or misconception can be retracted. The reliance solely on such statements for making additions, without corroborative evidence, is not sustainable. - The Tribunal held that without any incriminating material specifically linking the income to undisclosed sources, the disclosed income should be treated as business income, not taxable u/s 115BBE. Highlights Income Tax Thu, 15 Feb 2024 07:31:09 +0530 https://www.taxtmi.com/highlights?id=74925