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2013 (7) TMI 542 - HC - Income TaxValidity of statement made during survey u/s 133A - Whether the Tribunal erred in confirming and not appreciating the facts the order of Respondent solely on the basis of statement made during the survey under section 133A which has no evidentiary value - Held that:- explanation of the assessee was found to be completely not acceptable - Assessing Officer as well as higher authorities have given cogent reasons for rejecting such theory - assessees explanation that such amount was being carried for being deposited and that same was withdrawn from the account of a sister concern few days back - When cash was admittedly found in possession of the employee of the assessee, it cannot be stated that additions were made on the basis of bare statement recorded under section 133A - If assessee was to pay any sum he could have paid the same through cheque as both the parties were having their bank accounts and there was no need to withdraw any sum in cash and then deposit the same to the account - assessee has failed to give any cogent evidence in support of his contention that a sum of money robbed was actually out of money withdrawn from the bank – appeal decided against assesse.
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