Addition only on the basis of retracted statement is unsustainable

Nadiadwala Grandson Entertainment Pvt. Ltd. Vs DCIT (ITAT Mumbai) The Hon’ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disclosure made by the assessee. Facts- Search and seizure action u/s 132(1) of the Act was carried out on 08.12.2015 at Nadiadwala Group covering group concerns and connected cases. The asses...