https://www.taxtmi.com/caselaws?id=401220 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO, finding that the entire unaccounted receipts could not be treated as income solely based on a statement recorded under section 132(4) without corroborating evidence. The Tribunal emphasized that only the profit needed to be taxed, not the entire receipts. Additionally, the Tribunal validated the reopening of the assessment under section 147, noting the valid reasons to believe that income had escaped assessment based on available material. The appeals by the Revenue and cross objections by the assessee were dismissed. en-us Mon, 23 Nov 2020 00:00:00 +0530 Tue, 01 Dec 2020 15:31:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401220 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO, finding that the entire unaccounted receipts could not be treated as income solely based on a statement recorded under section 132(4) without corroborating evidence. The Tribunal emphasized that only the profit needed to be taxed, not the entire receipts. Additionally, the Tribunal validated the reopening of the assessment under section 147, noting the valid reasons to believe that income had escaped assessment based on available material. The appeals by the Revenue and cross objections by the assessee were dismissed. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401220