https://www.taxtmi.com/caselaws?id=755282 ITAT Raipur upheld CIT(A)'s decision to delete addition of unaccounted business income. CIT(A) correctly accepted assessee's retraction of statement recorded under section 132(4), finding cash payment of Rs 60 crores was made from surplus cash, not suppressed sales. Court noted AO failed to consider material evidence including GST returns, audited books, and branch records submitted during assessment proceedings. Addition based solely on statement without considering subsequent retractions and supporting documentation was unjustified. CIT(A) properly concluded that re-taxing already taxed sales proceeds would constitute double taxation. Revenue's appeal rejected as no contrary evidence presented to dislodge CIT(A)'s findings. en-us Thu, 04 Jul 2024 00:00:00 +0530 Tue, 09 Jul 2024 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755282 ITAT Raipur upheld CIT(A)'s decision to delete addition of unaccounted business income. CIT(A) correctly accepted assessee's retraction of statement recorded under section 132(4), finding cash payment of Rs 60 crores was made from surplus cash, not suppressed sales. Court noted AO failed to consider material evidence including GST returns, audited books, and branch records submitted during assessment proceedings. Addition based solely on statement without considering subsequent retractions and supporting documentation was unjustified. CIT(A) properly concluded that re-taxing already taxed sales proceeds would constitute double taxation. Revenue's appeal rejected as no contrary evidence presented to dislodge CIT(A)'s findings. Case-Laws Income Tax Thu, 04 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755282