The Tax Publishers2021 TaxPub(DT) 0400 (Ahd-Trib)

INCOME TAX ACT, 1961

Section 133A

Statement recorded during survey without any supporting evidence or any adverse material on record had no evidentiary value, therefore, addition made on the basis of such statement could not be sustained.

Survey - Statement recorded during survey - Evidentiary value -

During survey at premises of assessee-firm statement of one of the partners was recorded on oath. Partner of assessee admitted to have received accommodation entry in the form of unsecured loan. Based thereon, AO made addition of loan amount under section 68. Held: AO made addition merely on the basis of statement recorded during survey without any supporting evidence or any adverse material on record. It is settled legal position that statement recorded during the survey has no evidentiary value, moreover, survey party has no power to record the statement on oath. Accordingly, addition made by AO could not be sustained.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2012-13


INCOME TAX ACT, 1961

Section 143(3)

SUBSCRIBE TaxPublishers.inSUBSCRIBE FOR FULL CONTENT

TaxPublishers.in

'Kedarnath', 7, Avadh Vihar, Near Nirali Dhani,

Chopasni Road

Jodhpur - 342 008 (Rajasthan) INDIA

Phones : 9785602619 (11 am - 5 pm)

E-Mail : mail@taxpublishers.in / mail.taxpublishers@gmail.com