Survey Disclosure Treated as Business Income – No Scope for Section 68 Addition

DCIT Vs Akriti Sales Pvt. Ltd. (ITAT Kolkata)

Survey Disclosure Treated as Business Income – No Scope for s.68 Addition; Entire Exercise Tax-Neutral

In this case, survey u/s 133A on 30.10.2014 revealed cash advances of ₹4,21,39,900 received by Assessee (a real-estate developer) towards sale of flats &  cash expenses of ₹1,35,40,555 incurred for construction outside the books. Assessee disclosed entire amount as income: ₹2,85,99,365 was credited in books (net of cash expenses) &a

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