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TMI Blog2024 (1) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... r concluded that such statement does not have evidentiary value. On examining the impugned notice, it is clear that a survey was conducted and that several factual findings were made on such basis. These findings inter alia relate to sales in cash which were not reflected in the books of account, availability of undisclosed or excess stock; and payment for a property being made partly from undisclosed profits. In the impugned notice, it is recorded that the statement of Sri.S.Ravichandran was not the only basis for initiating proceedings under Section 148A, and that such proceedings were initiated on the basis of the entire set of findings arising from the survey. In the impugned notice, it is further recorded that a statement was r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. By relying on the judgment of the Division Bench of this Court in Commissioner of Income Tax, Salem v. S.Khader Khan Son (Khader Khan), Manu/TN/8897/2007 , learned counsel contends that a statement under Section 133A of the Income Tax Act cannot be relied upon as evidence. Therefore, he submits that the impugned notice is vitiated and warrants interference. 3. Mr.A.P.Srinivas, learned Senior Standing Counsel, accepts notice on behalf of the respondent. He submits that the notice under Section 148 was issued on the basis of a survey initiated under Section 133A. By referring to the impugned notice, he points out that several facts were unearthed in course of such survey. By way of elucidation, he points out that it was found that sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 133A does not empower the officer conducting the survey to record statements under oath. On that basis, it was further concluded that such statement does not have evidentiary value. 6. On examining the impugned notice, it is clear that a survey was conducted and that several factual findings were made on such basis. These findings inter alia relate to sales in cash which were not reflected in the books of account, availability of undisclosed or excess stock; and payment for a property being made partly from undisclosed profits. In paragraph 13.2.3 of the impugned notice, it is recorded that the statement of Sri.S.Ravichandran was not the only basis for initiating proceedings under Section 148A, and that such proceedings were initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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