https://www.taxtmi.com/caselaws?id=405784 The Tribunal allowed the appeal challenging the addition of undisclosed income for Assessment Year 2017-18. The appellant, a money lending firm, had initially surrendered additional income during a search operation, later partially included in the return. Despite the AO's addition, the Tribunal ruled in favor of the appellant, emphasizing the accepted cash position in previous returns and the retraction supported by evidence. The burden of proof was shifted to the revenue authorities, leading to the decision to set aside the addition, providing relief to the appellant. en-us Thu, 25 Mar 2021 00:00:00 +0530 Sat, 27 Mar 2021 07:40:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405784 The Tribunal allowed the appeal challenging the addition of undisclosed income for Assessment Year 2017-18. The appellant, a money lending firm, had initially surrendered additional income during a search operation, later partially included in the return. Despite the AO's addition, the Tribunal ruled in favor of the appellant, emphasizing the accepted cash position in previous returns and the retraction supported by evidence. The burden of proof was shifted to the revenue authorities, leading to the decision to set aside the addition, providing relief to the appellant. Case-Laws Income Tax Thu, 25 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405784