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2013 (10) TMI 478 - AT - Income TaxAdditions on the basis of statement made u/s 133A - Addition made on the basis of surrender made at the time of Survey u/s 133A of the Income Tax Act, which was later retracted by the Assessee – Held that:- Retraction has been made by the assessee within his own right and on the basis of facts on record and in the absence of any incriminating document found and therefore, even if the admission has been made on the date of survey that cannot be conclusive and the assessee has the right to prove that such admission made was incorrect – Reliance has been placed upon the judgment of Hon’ble Supreme Court of India in the case of Pullangode Rubber Produce Co. Ltd. vs. State of Kerala And Another reported in [1971 (9) TMI 64 - SUPREME Court], wherein it was held that admission is an extremely important price of evidence but it cannot be said that it is conclusive and it is open to the assessee who made the admission to show that it is incorrect and the assessee should be given a proper opportunity to show that the books of account do not disclose the correct state of facts. Also in view of the decision of Hon'ble Kerala High Court in the case of Paul Mathews And Sons vs. C.I.T. reported in [2003 (2) TMI 25 - KERALA High Court] , where it has been held that whatever statement is recorded under section 133A of the Act, it is not given any evidentiary value obviously for the reason that the officer is not authorized to administer oath and to take any sworn statement which alone has evidentiary value as contemplated under law - Also no books of account has been rejected by the A.O. and on one hand, the AO is accepting investment made in the building and on the other hand in the absence of any incriminating document is alleging that the assessee has made undisclosed investment. The AO cannot blow hot and cold in the same breath in this regard – Decided in favor of Assessee.
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