https://www.taxtmi.com/caselaws?id=753021 The ITAT Ahmedabad dismissed the Revenue's appeal regarding additions made based on survey statements. The assessee retracted their statement recorded under section 133A through an affidavit. The ITAT found the AO incorrect in treating the amount as undisclosed income, while upholding the CIT(A)'s thorough project-wise analysis estimating gross profit at 12.5%. The CIT(A) directed reopening of assessment years 2009-10 to 2016-17 for recomputation. The Revenue's grounds lacked merit and the appeal was dismissed. en-us Fri, 05 Jan 2024 00:00:00 +0530 Wed, 22 May 2024 20:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753021 The ITAT Ahmedabad dismissed the Revenue's appeal regarding additions made based on survey statements. The assessee retracted their statement recorded under section 133A through an affidavit. The ITAT found the AO incorrect in treating the amount as undisclosed income, while upholding the CIT(A)'s thorough project-wise analysis estimating gross profit at 12.5%. The CIT(A) directed reopening of assessment years 2009-10 to 2016-17 for recomputation. The Revenue's grounds lacked merit and the appeal was dismissed. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753021