https://www.taxtmi.com/caselaws?id=449711 ITAT Guwahati dismissed revenue's appeal challenging deletion of additions made under section 68. The court held that additions cannot be made solely based on statements recorded under section 132(4) during search proceedings without corroborative material or evidence. Since the statement was subsequently retracted and no incriminating material was found during search establishing connection with the assessee, the Assessing Officer was not justified in making the addition. The CIT(A)'s decision deleting the additions was upheld. en-us Fri, 19 Jan 2024 00:00:00 +0530 Sat, 17 Feb 2024 10:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449711 ITAT Guwahati dismissed revenue's appeal challenging deletion of additions made under section 68. The court held that additions cannot be made solely based on statements recorded under section 132(4) during search proceedings without corroborative material or evidence. Since the statement was subsequently retracted and no incriminating material was found during search establishing connection with the assessee, the Assessing Officer was not justified in making the addition. The CIT(A)'s decision deleting the additions was upheld. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449711