https://www.taxtmi.com/caselaws?id=448780 ITAT Ahmedabad dismissed the Revenue's appeal, upholding CIT(A)'s deletion of multiple additions. The Tribunal held that disclosure made during survey, not backed by any incriminating material and earlier accepted as business profit of the preceding year, could not be treated as independent undisclosed income for the impugned year; there was no valid "retraction" issue. The AO's rejection of audited books and estimation of net profit were found unsustainable in absence of specific discrepancies, especially where fall in net profit was duly explained by higher interest costs and foreign exchange losses. Disallowances under s.14A and s.36(1)(iii) were also rejected, as the assessee had sufficient own interest-free funds and the issue was covered by earlier ITAT orders in assessee's favour. en-us Tue, 21 Nov 2023 00:00:00 +0530 Mon, 08 Dec 2025 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448780 ITAT Ahmedabad dismissed the Revenue's appeal, upholding CIT(A)'s deletion of multiple additions. The Tribunal held that disclosure made during survey, not backed by any incriminating material and earlier accepted as business profit of the preceding year, could not be treated as independent undisclosed income for the impugned year; there was no valid "retraction" issue. The AO's rejection of audited books and estimation of net profit were found unsustainable in absence of specific discrepancies, especially where fall in net profit was duly explained by higher interest costs and foreign exchange losses. Disallowances under s.14A and s.36(1)(iii) were also rejected, as the assessee had sufficient own interest-free funds and the issue was covered by earlier ITAT orders in assessee's favour. Case-Laws Income Tax Tue, 21 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448780