Addition based on statement recorded during the course of survey ...

AO's Addition Invalidated: No Evidence of Year-End Valuation Discrepancies Post-Section 133A Survey Statement.

January 28, 2022

Case Laws Income Tax AT

Addition based on statement recorded during the course of survey action u/s. 133A - AO proceeded with making of addition based on the mere statement given by the assessee u/s. 133A. It is not the case of the Department that, the discrepancy if any in the valuation of closing work in progress as on date of survey, still existed in the valuation of closing work in progress as on date of end of previous year, nor no addition can be made based on discrepancies, if any, in the valuation of work in progress in the middle of previous year. This approach of the Assessing Officer does not stand to the judicial scrutiny - AT

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Addition based on statement recorded during the course of survey ...

AO's Addition Invalidated: No Evidence of Year-End Valuation Discrepancies Post-Section 133A Survey Statement.

January 28, 2022

Case Laws Income Tax AT

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