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2024 (2) TMI 862 - AT - Income TaxAddition based on statement recorded during the course of search u/s 132(4) - addition u/s 68 - HELD THAT:- It is settled law that no addition can be made solely on the basis of statement recorded u/s 132(4) of the Act in the absence of any corroborative material or evidence to support the disclosure or the addition. We, therefore, respectfully following the decision of M/s. Ultimate Builders [2019 (9) TMI 1172 - ITAT INDORE], and under the given facts and circumstances of the case find that the ld. AO was not justified in making addition only on the basis of statement recorded during the course of search u/s 132(4) of the Act which has subsequently been retracted and no other incriminating material was found during the course of search which could have a live link with the addition made in the hands of the assessee. We thus, uphold the findings of the ld. CIT(A) deleting the additions made by the Assessing Officer and dismiss all the grounds of appeals raised by the revenue.
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