https://www.taxtmi.com/caselaws?id=752287 Reassessment based on survey material and a partner's statement was upheld because prima facie material was sufficient to form belief that income had escaped assessment, and the retraction did not nullify reopening. However, additions for alleged bogus purchases and personal expenses could not stand where the statement was later retracted, the books of account were not rejected under section 145(3), and no independent corroborative evidence was produced. A retracted statement alone was insufficient to sustain the additions, so the reassessment survived but the impugned additions were deleted. en-us Fri, 01 Sep 2023 00:00:00 +0530 Mon, 06 May 2024 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752287 Reassessment based on survey material and a partner's statement was upheld because prima facie material was sufficient to form belief that income had escaped assessment, and the retraction did not nullify reopening. However, additions for alleged bogus purchases and personal expenses could not stand where the statement was later retracted, the books of account were not rejected under section 145(3), and no independent corroborative evidence was produced. A retracted statement alone was insufficient to sustain the additions, so the reassessment survived but the impugned additions were deleted. Case-Laws Income Tax Fri, 01 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752287