Expenditure claimed against declared undisclosed income allowed as genuineness not doubted

DCIT Vs Shreeji Enterprises (ITAT Ahmedabad)

ITAT Ahmedabad held that undisclosed income declared during the course of search is treated as gross income as genuineness of expenditure claimed against the same is not doubted by AO.

Facts- The assessee had constructed a commercial scheme consisting of shops in the name of ‘Trivia’ at Race Course, Baroda. During the course of survey, statement was recorded of one of the partners, Snehal Patel in which he declared approximately 11 crores as undisclosed

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