https://www.taxtmi.com/caselaws?id=218603 The Tribunal held that the addition of Rs. 50,00,000/- as undisclosed income was not justified solely based on the initial statement made during the search, especially when retracted by the assessee. The Tribunal emphasized the need for proper consideration of the valuation report and other corroborative evidence. It directed the Assessing Officer to reassess the income by considering only the gross profit from unrecorded sales, not the entire sale proceeds. Consequently, the appeal was allowed, and the addition of Rs. 50,00,000/- was deleted. en-us Fri, 27 Jul 2012 00:00:00 +0530 Thu, 14 May 2026 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218603 The Tribunal held that the addition of Rs. 50,00,000/- as undisclosed income was not justified solely based on the initial statement made during the search, especially when retracted by the assessee. The Tribunal emphasized the need for proper consideration of the valuation report and other corroborative evidence. It directed the Assessing Officer to reassess the income by considering only the gross profit from unrecorded sales, not the entire sale proceeds. Consequently, the appeal was allowed, and the addition of Rs. 50,00,000/- was deleted. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218603