https://www.taxtmi.com/caselaws?id=416171 The Tribunal concluded that the total income for AY 2012-13 should be assessed at Rs. 25,96,623/- instead of Rs. 50 lakhs. The Tribunal found that the AO's determination solely based on the statement made during the survey lacked corroborating material evidence. The Tribunal considered the proportionate income for the period up to 17.08.2011 and the absence of incriminating material thereafter. The appeal was partly allowed, emphasizing the need for credible evidence and balancing the factual circumstances of the case. en-us Mon, 06 Dec 2021 00:00:00 +0530 Wed, 22 Dec 2021 07:51:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416171 The Tribunal concluded that the total income for AY 2012-13 should be assessed at Rs. 25,96,623/- instead of Rs. 50 lakhs. The Tribunal found that the AO's determination solely based on the statement made during the survey lacked corroborating material evidence. The Tribunal considered the proportionate income for the period up to 17.08.2011 and the absence of incriminating material thereafter. The appeal was partly allowed, emphasizing the need for credible evidence and balancing the factual circumstances of the case. Case-Laws Income Tax Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416171