https://www.taxtmi.com/caselaws?id=218828 The Tribunal allowed the appeal of the assessee, overturning the decision of the CIT(A) and ruling that the addition of Rs.22,36,320 to the taxable income was not justified. The Tribunal held that the assessee had the right to retract from the statement made during the survey and declare the correct income as per the books of accounts. Additionally, it was noted that the addition was based on assumptions and presumptions without any material evidence. en-us Fri, 01 Jun 2012 00:00:00 +0530 Tue, 27 Nov 2012 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218828 The Tribunal allowed the appeal of the assessee, overturning the decision of the CIT(A) and ruling that the addition of Rs.22,36,320 to the taxable income was not justified. The Tribunal held that the assessee had the right to retract from the statement made during the survey and declare the correct income as per the books of accounts. Additionally, it was noted that the addition was based on assumptions and presumptions without any material evidence. Case-Laws Income Tax Fri, 01 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218828