https://www.taxtmi.com/caselaws?id=761446 The Appellate Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,39,89,250/- made by the AO, dismissing the revenue's appeal. The Tribunal emphasized that the survey operation lacked incriminating material and that additions cannot be based on presumptions without rejecting the books of account. The decision highlights the necessity for concrete evidence and substantive basis in making income adjustments. en-us Fri, 08 Nov 2024 00:00:00 +0530 Sat, 09 Nov 2024 13:38:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761446 The Appellate Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,39,89,250/- made by the AO, dismissing the revenue's appeal. The Tribunal emphasized that the survey operation lacked incriminating material and that additions cannot be based on presumptions without rejecting the books of account. The decision highlights the necessity for concrete evidence and substantive basis in making income adjustments. Case-Laws Income Tax Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761446