2010 (10) TMI 29 - DELHI HIGH COURT

Discrepancy in Stock and cash - a survey under section 133A of the Act was conducted on the respondent-assessee's business premises. During the course of survey, the tax officials noticed some discrepancies in stock and cash in hand. During the said survey, the respondent-assessee surrendered an amount of ₹ 99,50,000 and offered the same for the purposes of taxation. Held that - since the assessee had been able to explain the discrepancy in stock found during the course of survey by production of relevant record including the excise register of its associate company, the Assessing Officer could not have made the addition solely on the basis of the statement made on behalf of the assessee during the course of survey.