A search and seizure operation was carried out at the premises of the assessee, during which the assessee admitted and confirmed the addition to be made under section 132(4). The AO made addition as per the statement given by the assessee. The assessee then, vide a letter, retracted its statement made after realizing its mistake and explained the source of amount. On appeal, the CIT(A) deleted the addition made as the assessee has successfully intimated the wrong disclosure made and retracted its statement made and there was no rebuttal made by the Investigation wing against the same. The revenue challenged the order of the CIT(A) before the Hon’ble ITAT. The Hon’ble ITAT relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Sunil Aggarwal (2015) 64 taxmann.com 107 (Delhi) (HC)  and held that no addition can be made merely on the basis of surrender or a statement made by the assessee which is without existence of any corroborative evidence found against the assessee. (AY. 2009-10)