https://www.taxtmi.com/caselaws?id=328162 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal regarding the addition of undisclosed income of Rs. 2.00 crores and its exclusion from book profit under section 115JB for the assessment year 2007-08. The Tribunal found the Managing Director's retracted statement during the survey lacked evidentiary value, following precedents from Kerala and Madras High Courts. Since the addition was deleted and accounts were prepared in compliance with the Companies Act, adjustments in book profit were deemed unwarranted. The Revenue's failure to provide additional evidence led to the dismissal of their appeal. en-us Wed, 04 May 2016 00:00:00 +0530 Fri, 27 May 2016 10:12:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328162 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal regarding the addition of undisclosed income of Rs. 2.00 crores and its exclusion from book profit under section 115JB for the assessment year 2007-08. The Tribunal found the Managing Director's retracted statement during the survey lacked evidentiary value, following precedents from Kerala and Madras High Courts. Since the addition was deleted and accounts were prepared in compliance with the Companies Act, adjustments in book profit were deemed unwarranted. The Revenue's failure to provide additional evidence led to the dismissal of their appeal. Case-Laws Income Tax Wed, 04 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328162