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2017 (7) TMI 202 - AT - Income TaxUnexplained investment - Statement made on oath - whether Statement made on oath can be retracted? - addition made on the basis of incriminating documents found during the course of search - Held that:- As demonstrated the assessee’s wife had sufficient resources\funds to make the impugned investments of ₹ 6.30 lacs having filed return of income at ₹ 9.25 lacs during the year. The explanation of the assessee that the investments were made by the wife of the assessee is, therefore, reasonable enough. Further there is nothing on record to prove that the impugned investments were made by the assessee himself in the name of his wife other than the statement of the assessee which he has later on retracted. The basis for retraction having been explained and found to be reasonable enough by us, we hold the retraction to be valid and direct that no addition be made on account of surrender of ₹ 6.30 lacs made by the assessee. Thus we hold that the retraction made by the assessee of the surrender of ₹ 16.30 lacs is valid and, therefore, delete the addition made on account of the same. The grounds raised by the assessee are, therefore, allowed.
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