ITAT delete Addition for Low GP ratio calculated without considering Income disclosed during survey

The solitary grievance of the Revenue is that the learned CIT(A) has erred in deleting the addition of Rs.20,60,547/- made by the Assessing Officer on account of low G.P. The brief facts of the case are that the assessee filed his return of income on 31.12.2006 declaring total income of Rs.1,46,69,340/-. In the case of assessee, a survey was conducted u/s 133A of the Income-tax Act on 11.11.2005 at the business premises of the assessee and during the course of the said survey proceedings, the assessee declared a sum of Rs.81,77,930/-. The case of assessee was accordingly selected for scrutiny ...