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2024 (3) TMI 102 - AT - Income TaxBogus loss from trading in shares/securities - AO received information from Directorate of Investigation, New Delhi that the assessee is an entry operator engaged in the business of providing accommodation entries by trading in purchase and sale of shares and advancing unsecured loans - director of the assessee company was issued summon u/s 131 and a statement on oath, wherein he admitted that the assessee company is an entry operator and involved in giving bogus entries - HELD THAT:- We find in this case, the statement given on oath has even been retracted by director filing an affidavit and, therefore, it has no evidentiary value as the authorities below have not brought any corroborative evidence to that effect. It is settled legal position that a confession given during survey has no evidentiary value unless corroborative evidences are there. Moreover, AO has not brought on record any substantive facts and finding are based on the DIT(Inv.) report alone. In absence of any substantive finding on various evidences filed by the assessee and AO making addition as suspicious basis, we are unable to subscribe to the conclusion of the authorities below. Thus we direct the ld. Assessing Officer to delete the addition on account of rejection of loss. Decided in favour of assessee.
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