https://www.taxtmi.com/caselaws?id=274109 The Tribunal upheld the decision to remand the issue of deletion of profit on the sale of a penthouse, as the reasons provided were legally sound. The addition of undisclosed profit on the sale of land and building was also remanded for re-examination based on the terms of the agreement. However, the addition of undisclosed sale proceeds of City Centre space was deemed legally untenable as it relied on materials recovered before the search. The evidentiary value of a statement taken on oath during survey proceedings was found to be incorrect. The Tribunal's decision was in favor of the assessee, directing the Assessing Officer to reconsider the matters in compliance with legal standards. en-us Tue, 31 Oct 2017 00:00:00 +0530 Sun, 29 Jul 2018 11:40:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274109 The Tribunal upheld the decision to remand the issue of deletion of profit on the sale of a penthouse, as the reasons provided were legally sound. The addition of undisclosed profit on the sale of land and building was also remanded for re-examination based on the terms of the agreement. However, the addition of undisclosed sale proceeds of City Centre space was deemed legally untenable as it relied on materials recovered before the search. The evidentiary value of a statement taken on oath during survey proceedings was found to be incorrect. The Tribunal's decision was in favor of the assessee, directing the Assessing Officer to reconsider the matters in compliance with legal standards. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274109