Survey Statement Not Sole Basis for Income Addition: ITAT Mumbai

Hotel Deepak Vs DCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai allowed an appeal filed by Hotel Deepak against an order of the Commissioner of Income Tax (Appeals) [CIT(A)] for the assessment year 2018-19. The dispute arose from a survey conducted under Section 133A of the Income Tax Act, 1961, at the hotel’s premises. During the survey, one of the partners, Shri Chandrakanth Ramanna Shetty, made a voluntary declaration of income. However, the income declared in the subsequent return of income was lower. The Assessing Officer (AO) added the difference to the hotel’s...