https://www.taxtmi.com/caselaws?id=61025 The Tribunal allowed the revenue's appeal, restoring the addition of Rs. 50,000 initially made by the AO. The reassessment proceedings were deemed valid as the AO lacked material evidence to prove the investment was made by the firm. The Tribunal emphasized the importance of the initial statement made on oath by one party and the lack of supporting evidence for the subsequent retraction by another party. en-us Fri, 28 Nov 1997 00:00:00 +0530 Mon, 10 Jan 2011 14:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61025 The Tribunal allowed the revenue's appeal, restoring the addition of Rs. 50,000 initially made by the AO. The reassessment proceedings were deemed valid as the AO lacked material evidence to prove the investment was made by the firm. The Tribunal emphasized the importance of the initial statement made on oath by one party and the lack of supporting evidence for the subsequent retraction by another party. Case-Laws Income Tax Fri, 28 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61025