Addition on the basis of retracted statement not sustainable

PCIT Vs Rohit Karan Jain (Gauhati High Court) Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material is not sustainable since retracted statement cannot be termed as incriminating material. Hence, appeal of revenue dismissed. Facts- A search and seizure operation u/s. 132 of the Income Tax Act was conducted on the residential premises of the sole respondent on 02.06.2016 and thereafter, in continuation of that, on 11.07.2016 again a search was conducted. On the basis of the search results, the case was selected for scru...