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2017 (5) TMI 908 - AT - Income TaxDisallowance on account of share and application money - statement used against the assessee without giving the opportunity as per the procedure of law - Held that:- CBDT has emphasized to its officers to focus on gathering evidences during search/survey operations and strictly directed to avoid obtaining admission of undisclosed income under coercion/ undue influence. Keeping in view the guidelines issued by the CBDT from time to time regarding the statements obtained during search and survey operation, it is undisputedly clear that the lower authorities have not collected any other evidence to prove the impugned transaction as bogus other than the statement. Therefore under such facts & circumstances we are inclined to reverse the order of authorities below in this regard direct the AO to delete the addition. - Decided in favour of assessee.
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