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2016 (5) TMI 93 - AT - Income TaxCessation of liability - Addition on the basis of search - Retraction of statement - Held that:- It is clear that the seized paper (paper book page 82) is not reliable, did not show the correct state of affairs and the same is not corroborated by any independent evidence. There is interpolation of the date in the same and the language contained therein clearly show that the letter is not disclosing the correct facts. It is also not explained why the original letter remained with the assessee and how the payment of ₹ 90 lakhs have been verified. M/s. PACL Ltd. did not confirm alleged payment. Therefore, the assessee had a justification to retract from the earlier statement making surrender of ₹ 90 lakhs. The assessee, has been able to show that the retraction from the earlier statement was justified and based on the facts and material on record. The learned Commissioner of Income-tax (Appeals), on proper appreciation of facts and material on record, correctly deleted the addition. The decision relied upon by the learned Departmental representative would not support the case of the Revenue because of the facts and circumstances as considered above. We, therefore, do not find any error in the order of the learned Commissioner of Income-tax (Appeals) in deleting the addition. - Decided in favour of assessee.
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