https://www.taxtmi.com/caselaws?id=450321 The Tribunal set aside the order of the CIT(A) and directed the AO to delete the addition of Rs. 1,97,94,148/- as a trading loss. The Tribunal found that the AO failed to conduct a proper inquiry and relied solely on the director's statement, which lacked corroborative evidence. The Tribunal emphasized that confessions during surveys must be supported by substantive facts to hold evidentiary value. The decision underscores the necessity for thorough inquiries and corroborative evidence before confirming additions based on suspicion. en-us Thu, 29 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 07:24:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450321 The Tribunal set aside the order of the CIT(A) and directed the AO to delete the addition of Rs. 1,97,94,148/- as a trading loss. The Tribunal found that the AO failed to conduct a proper inquiry and relied solely on the director's statement, which lacked corroborative evidence. The Tribunal emphasized that confessions during surveys must be supported by substantive facts to hold evidentiary value. The decision underscores the necessity for thorough inquiries and corroborative evidence before confirming additions based on suspicion. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450321