https://www.taxtmi.com/caselaws?id=773025 ITAT Delhi held that additions based solely on statements recorded under section 132(4) without substantive corroboration are impermissible. The partner's surrender of undisclosed income regarding alleged outside book purchases, construction at industrial area, and unexplained investments lacked corroboration from loose papers found during search. The tribunal noted that retraction claims were not rebutted by independent findings. Following precedent in similar partnership firm case where addition of Rs. 25 lakhs was deleted, the court emphasized that uncorroborated statements cannot form basis for additions. Details provided post-search through separate letter had no evidentiary value under the Act. Assessee's appeal was allowed. en-us Fri, 13 Jun 2025 00:00:00 +0530 Tue, 17 Jun 2025 07:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773025 ITAT Delhi held that additions based solely on statements recorded under section 132(4) without substantive corroboration are impermissible. The partner's surrender of undisclosed income regarding alleged outside book purchases, construction at industrial area, and unexplained investments lacked corroboration from loose papers found during search. The tribunal noted that retraction claims were not rebutted by independent findings. Following precedent in similar partnership firm case where addition of Rs. 25 lakhs was deleted, the court emphasized that uncorroborated statements cannot form basis for additions. Details provided post-search through separate letter had no evidentiary value under the Act. Assessee's appeal was allowed. Case-Laws Income Tax Fri, 13 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773025