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2017 (1) TMI 1258 - GUJARAT HIGH COURTAddition on account of undisclosed income - addition made relying upon the retracted statement of the Managing Director of the assessee recording during the course of survey - excluding undisclosed income from the book profit computed under Section 115JB - Held that:- In the present case, there is no other material / evidence with the Assessing Officer while making addition of ₹ 2 crores as undisclosed income. Assessing Officer solely relied upon the statement of the Managing Director which was recorded during the survey conducted on 18.12.2006 which was subsequently retracted on 03.01.2007. In view of the above, it cannot be said that both the learned CIT (A) as well as learned Tribunal have committed any error in deleting amount of ₹ 2 crores. Under the circumstance, present appeal deserves to be dismissed and is accordingly dismissed. - Decided in favour of assessee
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