Tax Dispute

ITAT Deletes ₹30 Lakh Tax Addition Based Solely on Survey Statement

The Income Tax Appellate Tribunal (ITAT) has deleted a ₹30 lakh tax addition previously made by the tax department, ruling that an assessee's statement during a tax survey cannot be the sole basis for such an addition without corroborating evidence. This decision provides significant relief and clarity for taxpayers facing similar situations where additions are proposed based on statements alone.