https://www.taxtmi.com/caselaws?id=462212 The ITAT Mumbai dismissed the Revenue's appeal regarding undisclosed income assessment. The case involved discrepancies between amounts disclosed in the assessee's statement under section 132(4) and actual income disclosed. While the assessee did not claim the statement was recorded under coercion, the basis for initial disclosure was unsubstantiated. After receiving seized documents, the assessee recalibrated and disclosed Rs. 3.75 crores, closely matching the AO's additions. The AO failed to correlate the disclosed amount with any seized materials despite making additions based on the section 132(4) statement. The ITAT upheld the CIT(A)'s order granting partial relief to the assessee. en-us Mon, 05 Dec 2022 00:00:00 +0530 Mon, 02 Jun 2025 08:34:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462212 The ITAT Mumbai dismissed the Revenue's appeal regarding undisclosed income assessment. The case involved discrepancies between amounts disclosed in the assessee's statement under section 132(4) and actual income disclosed. While the assessee did not claim the statement was recorded under coercion, the basis for initial disclosure was unsubstantiated. After receiving seized documents, the assessee recalibrated and disclosed Rs. 3.75 crores, closely matching the AO's additions. The AO failed to correlate the disclosed amount with any seized materials despite making additions based on the section 132(4) statement. The ITAT upheld the CIT(A)'s order granting partial relief to the assessee. Case-Laws Income Tax Mon, 05 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462212