https://www.taxtmi.com/caselaws?id=291972 The High Court upheld the decision of the CIT(A) and the Tribunal, dismissing the appeal. The court found that the addition of Rs. 80,00,000 made by the Assessing Officer based on a retracted undisclosed income statement during survey operations was not justified. The CIT(A) and Tribunal correctly considered the independence of entities involved and the verifiability of transactions, leading to the deletion of the addition. The judgment highlighted the importance of thorough assessment of facts and evidence before adding income based on survey statements. en-us Thu, 23 Mar 2017 00:00:00 +0530 Wed, 02 Dec 2020 18:33:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291972 The High Court upheld the decision of the CIT(A) and the Tribunal, dismissing the appeal. The court found that the addition of Rs. 80,00,000 made by the Assessing Officer based on a retracted undisclosed income statement during survey operations was not justified. The CIT(A) and Tribunal correctly considered the independence of entities involved and the verifiability of transactions, leading to the deletion of the addition. The judgment highlighted the importance of thorough assessment of facts and evidence before adding income based on survey statements. Case-Laws Income Tax Thu, 23 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291972