Unsustainable Rs. 14 crore addition based only on assessee's statement; ITAT allows appeal citing lack of corroborative evidence.

The Income Tax Appellate Tribunal (ITAT) allowed an appeal where a Rs. 14 crore addition was made based solely on the assessee's statement recorded during a survey under section 133A. The tribunal found the addition unsustainable due to the lack of corroborative evidence concerning land transactions, involved parties, and the computation method. ITAT emphasized that additions cannot be justified merely on the basis of statements without supporting incriminating evidence. .....

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