TMI Blog2018 (3) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... any unaccounted purchase of oil and lubricants. It has been consistently been held by Hon'ble Courts that the statement recorded during the course of survey are not sacrosanct and cannot be relied against the assessee for making addition unless supported by corroborative evidence. Addition of ₹ 3.50 lakhs have no legs to stand as it is merely based on the statement given during the course of survey without any supporting incriminating material. - Decided in favour of assessee. Addition on account of difference in the account with Petroleum Service Centre, Sausar - Held that:- Looking to the issue relating to alleged difference in the debit balance of ₹ 73,363/- and the contention of Learned counsel for the assessee for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pporting the surrender of ₹ 3.50 lakhs. This amount was not shown in the return of income filed by the assessee. Accordingly the Assessing Officer made the addition for ₹ 3.50 lakhs for the surrender amount not shown in the return of income. Addition was also made towards unexplained debtors at ₹ 76,352/- as well as gross profit addition of ₹ 5,732/- on shortage of stock. After making addition of ₹ 4,32,094/-, income assessed at ₹ 6,54,490/-. Appeal filed before the CIT(A) did not find any favour and the same was dismissed. Now the assessee is in appeal before the Tribunal raising various ground of appeal. 3. Ground No. 1 of the appeal is against confirming the addition of ₹ 3.50 lakhs on a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lubricants. 5.1 We further observe that it has been consistently been held by Hon'ble Courts that the statement recorded during the course of survey are not sacrosanct and cannot be relied against the assessee for making addition unless supported by corroborative evidence. 5.2 We, therefore, respectfully following the decisions laid down by various courts as well as in the given facts and circumstances of the case, are of the view that the addition of ₹ 3.50 lakhs have no legs to stand as it is merely based on the statement given during the course of survey without any supporting incriminating material. We accordingly delete the impugned addition of ₹ 3,50,000/- and allow ground No. 1 raised by the assessee. 6. Gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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