https://www.taxtmi.com/caselaws?id=771035 ITAT Ahmedabad partially allowed the appeal regarding undisclosed business income additions based on survey statements. The tribunal held that merely stating a figure as 'income' during survey cannot be accepted without proper verification. The matter was remanded to JAO to determine whether Rs. 1,17,05,820 represented turnover or actual income, as the AO failed to examine the assessee's contention that it was turnover, not income. However, the tribunal upheld the addition of on-money receipts from property sales, finding sufficient documentary evidence and corroborating statements to support the income addition for cash transactions involving property advances. en-us Wed, 30 Apr 2025 00:00:00 +0530 Tue, 20 May 2025 08:53:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771035 ITAT Ahmedabad partially allowed the appeal regarding undisclosed business income additions based on survey statements. The tribunal held that merely stating a figure as 'income' during survey cannot be accepted without proper verification. The matter was remanded to JAO to determine whether Rs. 1,17,05,820 represented turnover or actual income, as the AO failed to examine the assessee's contention that it was turnover, not income. However, the tribunal upheld the addition of on-money receipts from property sales, finding sufficient documentary evidence and corroborating statements to support the income addition for cash transactions involving property advances. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771035