TMI Blog2017 (1) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... ent 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in law and facts deleting the addition of ₹ 2 crores made by the Assessing Officer on account of undisclosed income, and erred in excluding ₹ 2 crores from the book profit computed under Section 115 JB of the Act 2. Heard Ms. Bhatt, learned counsel appearing for the Revenue and Shri S.N. Soparkar, learned counsel appearing for the Assessee. 3. We have perused the order o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 03.01.2007. Solely relying upon the aforesaid retracted statement of the Managing Director which was recorded during the course of survey, the Assessing Officer has made addition of ₹ 2 crores which has been set aside by the learned CIT (A) and confirmed by the learned Tribunal. As such the aforesaid issue is now already concluded by the decisions of this Court in the case of Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 recorded on 03.01.2007. 6. 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 deletin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
