SHAMBHU PRASAD RASTOGI,MIRZAPUR vs. ITO, RANGE 3(4), MIRZAPUR

ITA 66/ALLD/2023Status: DisposedITAT Allahabad12 September 2023AY 2012-138 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that a statement made during a survey under Section 133A, without rejection of the assessee's subsequent explanation and without physical verification, cannot be the sole basis for addition. The assessee's explanation of estimation and inclusion of impure silver was considered plausible.

What were the facts?

During a survey, the assessee admitted to having 200 Kgs of silver stock. However, the subsequent physical inventory was disrupted, and the assessee's books showed only 113.928 Kgs. The AO added the difference as undisclosed income.

What were the issues?

Whether an admission made during a survey under Section 133A, without corroborative evidence and in light of a subsequent explanation, can be the basis for an addition to income.

Which sections of the Income-tax Act were involved?

Section 133A,Section 131

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(13)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, ALLAHABAD “SMC”

Before: SHRI ABY T. VARKEY, JM

For Appellant: Ms. Nita Goyal
Hearing: 05/09/2023Pronounced: 12/09/2023

PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee against the order of the Ld. CIT(A), Lucknow-03 dated 29.03.2023 for AY. 2012-13. 2. The main grievance of the assessee is against the action of the Ld. CIT(A) confirming the addition of Rs.1,84,080/- on account of alleged excess stock-in-trade on the date of survey (i.e. on 06.01.2012).

3.

Brief facts as noted by the AO is that the survey u/s 133A of the Income Tax Act, 1961 (hereinafter “the Act”) was conducted on 06.01.2012 at the business premises of the assessee (M/s. Rastogi Sarraf Jewellery Shop). A

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 133A

All 5,893 judgments and leading authorities on Section 133A →

Recent GST High Court judgments

Search GST case law →