Addition merely based on statement u/s 132(4) without collaborative evidence is unsustainable

DCIT Vs Sudhir Kumar Agarwal (ITAT Indore) ITAT Indore held that addition on the standalone basis of statement of assessee u/s 132(4) of the Income Tax Act cannot be held as sustainable in absence of collaborative evidence found in support of such addition. Facts- A search u/s 132 was conducted on 21.10.2011 upon one “Sagar Group” of Bhopal and the assessee is also clubbed as a part of that group. Pursuant to search, assessments of six years from AY 2006-07 to 2011-12 were framed u/s 153A/143(3) and AY 2012-13 was framed u/s 143(3). Present appeal relates to AY 2012-13 for which the AO mad...