Addition Unwarranted as Settlement Commission Accepted Surrendered Amount

ACIT Vs Shyamsunder R. Agrawal (ITAT Ahmedabad) ITAT Ahmedabad held that addition towards unexplained expenditure unsustainable as impugned amount has already been surrendered by the firm and accepted by the Settlement Commission. Facts- The assessee, is partner in a partnership firm. Search operation u/s. 132 of the Act was conducted at the residential premises of the assessee, and simultaneous survey operation u/s. 133A of the Act was carried out at the business premise of M/s. Laxmi Construction on 21.10.2016. The partnership firm had filed a petition before the Settlement Commission and of...