Addition based on voluntary disclosure made by the key person of ...

Case Laws Income Tax

February 15, 2024

Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement recorded u/s 132(4) - The Tribunal observed that admissions made under duress or misconception can be retracted. The reliance solely on such statements for making additions, without corroborative evidence, is not sustainable. - The Tribunal held that without any incriminating material specifically linking the income to undisclosed sources, the disclosed income should be treated as business income, not taxable u/s 115BBE.

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Addition based on voluntary disclosure made by the key person of ...

Case Laws Income Tax

February 15, 2024

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