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The ITAT allowed in part the Department's appeals regarding admissibility of a statement recorded during search, finding the assessee failed to prove duress in retraction; grounds 1-7 of the Department's appeal were allowed. However, the Tribunal upheld the CIT(A)'s deletions of additions based on documents seized from a third party's premises, holding no corroborative link to the assessee's books. An extrapolated addition for under-invoicing was curtailed and quantified at Rs.2.419 per kg for 230,407.20 kg supplied to a specified purchaser; wholesale extrapolation was disapproved. Additions under ss.69A and 69C were deleted. The Tribunal disallowed an enhancement of GP to 24%, allowed deduction under s.80IA for captive steam generation, and held the s.153A assessment unsustainable as not founded on incriminating material.
The ITAT allowed in part the Department's appeals regarding admissibility of a statement recorded during search, finding the assessee failed to prove duress in retraction; grounds 1-7 of the Department's appeal were allowed. However, the Tribunal upheld the CIT(A)'s deletions of additions based on documents seized from a third party's premises, holding no corroborative link to the assessee's books. An extrapolated addition for under-invoicing was curtailed and quantified at Rs.2.419 per kg for 230,407.20 kg supplied to a specified purchaser; wholesale extrapolation was disapproved. Additions under ss.69A and 69C were deleted. The Tribunal disallowed an enhancement of GP to 24%, allowed deduction under s.80IA for captive steam generation, and held the s.153A assessment unsustainable as not founded on incriminating material.
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