https://www.taxtmi.com/caselaws?id=444085 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s orders regarding the addition under section 56(2)(vii)(b) of the Income Tax Act and the disallowance of undisclosed income. The Tribunal found that the addition under section 57(2)(vii)(b) was incorrect and adjusted the amount disclosed by the assessee accordingly. Additionally, the Tribunal held that the voluntary disclosure made during survey proceedings was insufficient to justify the disallowance of undisclosed income. en-us Wed, 28 Jun 2023 00:00:00 +0530 Mon, 09 Oct 2023 10:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444085 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s orders regarding the addition under section 56(2)(vii)(b) of the Income Tax Act and the disallowance of undisclosed income. The Tribunal found that the addition under section 57(2)(vii)(b) was incorrect and adjusted the amount disclosed by the assessee accordingly. Additionally, the Tribunal held that the voluntary disclosure made during survey proceedings was insufficient to justify the disallowance of undisclosed income. Case-Laws Income Tax Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444085