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2016 (3) TMI 1332 - AT - Income TaxUnaccounted stock - assessee during survey proceedings had made a surrender of ₹ 2,40,00,000/- - Held that:- In the present case we find that there is no material with the department to make additions to the tune of ₹ 2,40,00,000/- whereas the material available was only for ₹ 1,94,28,618/-. The calculations made by learned CIT(A) to arrive at the turnover made by assessee and thus profits estimated by him are not based upon any material and are based upon only on surmises and conjectures - we see merits in the arguments of the learned AR that the additions sustained by learned CIT(A) are not based upon any material - decided in favour of assessee
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