https://www.taxtmi.com/caselaws?id=119841 The tribunal allowed the appeal, concluding that the Rs. 25 lakhs addition was improperly assessed. The assessee successfully demonstrated that the offer of additional income was made to avoid litigation, not as an admission of undisclosed income. The tribunal found that the assessee adequately explained business transactions and profit variations, discharging the burden of retracting the income offer. Consequently, the tribunal deleted the addition, favoring the assessee. en-us Mon, 30 Oct 2006 00:00:00 +0530 Mon, 04 Mar 2024 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119841 The tribunal allowed the appeal, concluding that the Rs. 25 lakhs addition was improperly assessed. The assessee successfully demonstrated that the offer of additional income was made to avoid litigation, not as an admission of undisclosed income. The tribunal found that the assessee adequately explained business transactions and profit variations, discharging the burden of retracting the income offer. Consequently, the tribunal deleted the addition, favoring the assessee. Case-Laws Income Tax Mon, 30 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119841