Tribunal held that merely on the basis of statement surrendered during survey which was retracted addition cannot be made . Onus is on AO to investigate further and establish additions made on basis of surrender .Addition of Rs 1,42,778on account of gross profit was confirmed.
Satish Chand Agarwal v. ITO (2018 64 ITR 713 (Jaipur) (Trib)
S.143(3): Assessment – Income from undisclosed sources — Survey – Surrendered during survey and assessee retracting statement — Onus is on AO to investigate further and establish additions made on basis of surrender- Addition of Rs 1,42,778 on account of gross profit was confirmed. [ S.133A ]