https://www.taxtmi.com/caselaws?id=779073 ITAT JAIPUR held that statements recorded under s.132(4) without any incriminating material and subsequently retracted have no evidentiary value, and additions cannot be sustained solely on such statements. The tribunal rejected the AO's speculative, month-wide extrapolation of disallowances for Toll & Trip and Repairs & Maintenance, allowing most grounds of the assessee; however a limited disallowance was upheld for one category treated as a penalty ("Shashti"). The CIT(A)'s direction to require fresh month-wise details was quashed as beyond power where seized records were already available. en-us Wed, 23 Jul 2025 00:00:00 +0530 Thu, 25 Sep 2025 16:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779073 ITAT JAIPUR held that statements recorded under s.132(4) without any incriminating material and subsequently retracted have no evidentiary value, and additions cannot be sustained solely on such statements. The tribunal rejected the AO's speculative, month-wide extrapolation of disallowances for Toll & Trip and Repairs & Maintenance, allowing most grounds of the assessee; however a limited disallowance was upheld for one category treated as a penalty ("Shashti"). The CIT(A)'s direction to require fresh month-wise details was quashed as beyond power where seized records were already available. Case-Laws Income Tax Wed, 23 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779073