Income Tax Department cannot make Additions based on Statements Retracted during Search without Incriminating Material: ITAT [Read Order]
The bench held that disclosures or admissions made under Section 132(4) of the Act during search proceedings are admissible evidence but not conclusive
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the Income Tax Department cannot make additions to an assessee’s income based solely on statements made during a search operation under Section 132 of the Income Tax Act, 1961, if those statements are subsequently retracted and no incriminating material is…
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