ITAT Bangalore Restricts Additions in Search Assessment – Statement Alone Not Incriminating

Late Mahabir Prasad (through L/H Mrs. Parul Kansaria) Vs DCIT (ITAT Bangalore) ITAT Bangalore Restricts Additions in Search Assessment – Statement Alone Not Incriminating-  No Addition in Concluded Years Without Incriminating Material- Unaccounted Sales – Only GP Taxable, Not Entire Turnover Bangalore ITAT dealt with additions arising out of search proceedings in the A-One Steel group. The dispute involved alleged unaccounted sales, bogus purchases & validity of additions in concluded years. AO relied on seized mobile data, rough papers & a statement u/s 132(4) of the assessee’s...