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2022 (3) TMI 613 - AT - Income TaxUnexplained purchases - statement recorded u/s 133A relied upon - Assessee argued purchases were made before the date of survey i.e. on 14/03/2017 and has stated in the statement recorded u/sec. 131 of the Act, the books were not updated and hence, there was an excess stock as on the date of survey - CIT-A deleted the addition - HELD THAT:- CIT(A) has observed that the AO did not find any defect and has also not disproved the genuineness of the bills. CIT(A) also observed that the suppliers are registered VAT dealers and has raised Tax Invoice. We, therefore concur with the findings of the ld.CIT(A), and find no infirmity in the order passed by the ld.CIT(A) and no interference is required on these issues. Statement recorded u/sec. 131A has no evidentiary value and cannot be taken as basis for addition - See case of Khader Khan Son [2013 (6) TMI 305 - SC ORDER] Purchases and sales were not matching with VAT returns - CIT(A) noted that the assessee has submitted VAT returns where the 6A purchases were reported by the assessee. We therefore find that the assessee has satisfactorily explained the purchases and concur with the findings of the ld.CIT(A). We find no infirmity in the order passed by the ld.CIT(A) and no interference is required. Thus, the grounds raised by the Revenue is dismissed.
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