https://www.taxtmi.com/caselaws?id=461239 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to reduce the addition from Rs. 27,04,785/- to Rs. 2,15,562/-. It determined that the Assessing Officer's reliance on a retracted statement during a survey lacked evidentiary support. The Tribunal emphasized that statements made during surveys must be corroborated by evidence, especially if retracted. It also reaffirmed that only the profit margin, not total sales, should be considered for income estimation. The assessee's cross-objection was also dismissed, affirming the CIT(A)'s approach as justified. en-us Fri, 21 Jan 2011 00:00:00 +0530 Mon, 24 Mar 2025 18:31:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461239 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to reduce the addition from Rs. 27,04,785/- to Rs. 2,15,562/-. It determined that the Assessing Officer's reliance on a retracted statement during a survey lacked evidentiary support. The Tribunal emphasized that statements made during surveys must be corroborated by evidence, especially if retracted. It also reaffirmed that only the profit margin, not total sales, should be considered for income estimation. The assessee's cross-objection was also dismissed, affirming the CIT(A)'s approach as justified. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461239