https://www.taxtmi.com/caselaws?id=459648 ITAT Indore upheld AO's addition u/s 68 r/w 115BBE where assessee surrendered undisclosed income during survey, declared it in return as medical profession income, but failed to provide supporting evidence. Court rejected assessee's strategy of surrendering income during survey then attempting withdrawal before appellate forums. CIT(A)'s deletion was reversed for failing to confront AO before overturning significant assessment. However, ITAT dismissed revenue's appeals regarding notional interest income addition and unexplained investment u/s 69B, agreeing with CIT(A) that AO cannot make additions based on presumption without corroborative evidence. Addition regarding unexplained jewellery was upheld as CIT(A) properly calculated quantum considering various acquisition sources. en-us Tue, 07 Nov 2023 00:00:00 +0530 Fri, 20 Dec 2024 19:51:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459648 ITAT Indore upheld AO's addition u/s 68 r/w 115BBE where assessee surrendered undisclosed income during survey, declared it in return as medical profession income, but failed to provide supporting evidence. Court rejected assessee's strategy of surrendering income during survey then attempting withdrawal before appellate forums. CIT(A)'s deletion was reversed for failing to confront AO before overturning significant assessment. However, ITAT dismissed revenue's appeals regarding notional interest income addition and unexplained investment u/s 69B, agreeing with CIT(A) that AO cannot make additions based on presumption without corroborative evidence. Addition regarding unexplained jewellery was upheld as CIT(A) properly calculated quantum considering various acquisition sources. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459648