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2021 (7) TMI 130 - AT - Income TaxAddition on the basis of material found during the course of survey - HELD THAT:- We satisfied that there was substantial evidence in the hands of survey team in the form of receipts. Therefore, statements recorded by the survey team on the basis of such receipts cannot be alleged as not based upon credible evidence. We may point out that in the present case, no retraction was filed by the assessee before the authorities below nor during the course of survey proceedings and also during the course of assessment proceedings by way of any plausible evidence or by any other mode. The statements recorded by the survey team based on credible evidence without any retraction by the assessee has to be accepted and thus the findings recorded by the AO as well as ld CIT(A) deserves to be upheld being sustainable and based on reasonable basis and evidence. Appeal of the assessee is dismissed.
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