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2018 (4) TMI 431 - AT - Income TaxAddition on account of statement given by the Director in the course of survey - Held that:- No reference to any incriminating material to justify the aforesaid difference as unaccounted income. The long line of judicial precedents quoted in the order of the CIT(A) uniformly holds that mere statement given by an assessee making disclosure, which is not supported by any corroborative material, cannot be assigned evidentiary value for the purposes of additions of alleged undisclosed income in the hands of the assessee - the reasonings adopted by the CIT(A) while granting relief to the assessee are based on sound legal proposition and thus cannot be faulted. In the absence of any reference of incriminating materials to justify the addition, we find no infirmity in the order of the CIT(A) towards cancelling the addition made by the Assessing Officer on this score. Therefore, we decline to interfere with the order of the CIT(A) in this regard. Addition u/s 68 - Held that:- Where the trail for obtaining the loan and repayment thereof is proved and the lender has duly filed its return of income the encompassing transaction with the assessee; we see little merit in the grievance of the Revenue on the aforesaid issue. The conclusion drawn by the CIT(A) is based on proper appreciation of evidences and founded on peculiar facts of the case. Therefore, we decline to interfere with the conclusion drawn by the CIT(A) deleting the addition towards unexplained credit. - Decided against revenue.
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