₹1 Crore Addition Based on Statement Without Evidence: ITAT Restores to CIT(A)

Ramdev Buildcon Vs ITO (ITAT Ahmedabad) The Ahmedabad Income Tax Appellate Tribunal (ITAT) has directed a fresh review of an assessment order, focusing on an addition of Rs. 1 crore based solely on a partner’s statement recorded during a survey. The case involved Ramdev Buildcon, a partnership firm, whose partner admitted to additional undisclosed profits during a survey conducted in 2016. However, this admitted income was not reflected in the firm’s income tax return for the assessment year 2016-17, leading the Assessing Officer (AO) to add the Rs. 1 crore to the firm’s inco...