9911796707
TMI Blog2017 (1) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... Shah ) 1. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal, Ahmedabad dated 04.05.2016 passed in ITA No. 2143/Ahd/2011 for A.Y. 200708, the Revenue has preferred the present Appeal with the following proposed question of law: " Whether the Appellate Tribunal erred in law and facts deleting the addition of Rs. 2 crores ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s made addition of Rs. 2 crores as undisclosed income, solely relying upon the statement of the Managing Director of the assessee recording during the course of survey dated 18.12.2006. However, it is required to be noted that, the said statement was retracted by the Managing Director immediately within few days i.e. on 03.01.2007. Solely relying upon the aforesaid retracted statement of the Manag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that, on the basis of the statement recorded during the survey, no addition could be made and therefore, reassessment proceedings which were initiated on the basis of the statement recorded during the survey came to be set aside. 5. In the present case, there is no other material / evidence with the Assessing Officer while making addition of Rs. 2 crores as undisclosed income. Assessing Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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