https://www.taxtmi.com/caselaws?id=752797 ITAT Indore allowed the appeal, deleting the addition made by AO based solely on assessee's statement during search u/s 132. The tribunal held that the surrendered amount of Rs. 5 crores was an ad hoc figure, not final, and assessee was entitled to submit correct calculations in return. Following CBDT instruction dated 10.03.2003 and judicial precedents, additions cannot be made based on mere surrender without corroborating evidence. Only correct income should be taxed under Income-tax scheme. en-us Tue, 02 Jan 2024 00:00:00 +0530 Sat, 18 May 2024 06:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752797 ITAT Indore allowed the appeal, deleting the addition made by AO based solely on assessee's statement during search u/s 132. The tribunal held that the surrendered amount of Rs. 5 crores was an ad hoc figure, not final, and assessee was entitled to submit correct calculations in return. Following CBDT instruction dated 10.03.2003 and judicial precedents, additions cannot be made based on mere surrender without corroborating evidence. Only correct income should be taxed under Income-tax scheme. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752797