https://www.taxtmi.com/caselaws?id=447619 ITAT Visakhapatnam dismissed revenue's appeal in assessment u/s 153A involving undisclosed income from aqua culture business. AO added unaccounted income based on seized handwritten books without proper corroboration or justification. CIT(A) deleted the addition, finding assessee's disclosure of Rs. 74,458 per acre reasonable per CBDT Instruction 8/2014 and jurisdictional precedent. ITAT upheld CIT(A)'s order, noting AO failed to provide proper breakup, ignored duplicate entries in seized material, and estimated income at practically impossible Rs. 1,20,000 per acre without considering business realities of unorganized aqua culture sector. en-us Thu, 19 Oct 2023 00:00:00 +0530 Mon, 01 Jan 2024 07:15:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447619 ITAT Visakhapatnam dismissed revenue's appeal in assessment u/s 153A involving undisclosed income from aqua culture business. AO added unaccounted income based on seized handwritten books without proper corroboration or justification. CIT(A) deleted the addition, finding assessee's disclosure of Rs. 74,458 per acre reasonable per CBDT Instruction 8/2014 and jurisdictional precedent. ITAT upheld CIT(A)'s order, noting AO failed to provide proper breakup, ignored duplicate entries in seized material, and estimated income at practically impossible Rs. 1,20,000 per acre without considering business realities of unorganized aqua culture sector. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447619