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ITAT Ahmedabad on 11th March, 2020-Diary seized, surrender made and survey statement recorded under section 133A. But having no corroborative evidences. Exorbitant profit is not possible in the line of business of the assessee. No other business is found. No unexplained investment is found. It was held that Since it is business receipt only GP based on past history can be added as income.
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No addition can be made solely on the basis of a retracted statement made during the survey
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incriminating material found in survey
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When any document or details was filed by assessee in pursuance to direction of CIT(A) then there would be no violation of Rule 46A.
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It is misconceived idea to charge payment of ‘on money’ to the shareholders of the company, in which company entered in the transaction
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आयकर छापा