Survey Disclosure Treated as Business Income – No Scope for Section 68 Addition

DCIT Vs Akriti Sales Pvt. Ltd. (ITAT Kolkata) Survey Disclosure Treated as Business Income – No Scope for s.68 Addition; Entire Exercise Tax-Neutral In this case, survey u/s 133A on 30.10.2014 revealed cash advances of ₹4,21,39,900 received by Assessee (a real-estate developer) towards sale of flats &  cash expenses of ₹1,35,40,555 incurred for construction outside the books. Assessee disclosed entire amount as income: ₹2,85,99,365 was credited in books (net of cash expenses) &  balance ₹1,35,40,535 was added in computation. AO nevertheless treated full ₹4,21,39,900 as un...