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

By Ashkar Tovarishch - On August 7, 2024 10:11 am - 2 mins read

Income Tax retracted statements ITAT - ITAT rulings Section 132 - Incriminating material Income Tax Department - ITAT retracted statements addition - taxscan

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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