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2010 (4) TMI 830 - ITAT, CHENNAIBusiness carried on by assessee and other family members in same premises-survey conducted for the assessee as well as his father on the same day- Assessee was assessed for the excess cash found in Survey-validity of Statement under survey. - Held that:- materials collected during the course of survey action under section 133A shall not have any evidentiary value.CBDT Circular No. 286 which discourages Revenue officials from taking any statement during survey proceedings.When the assessee has explained by giving entire details including their PAN, etc. and the availability of cash at the time of survey or during the relevant period, in our opinion, by simply mentioning why the cash should be kept in assessee's house may not be a valid reason for assessment, when all the members are assessed to tax and have made a valid claim with proof. - Thus case was decided in favor of assessee .
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