BHAWANI SHANKAR,SUMERPUR, PALI vs. ACIT,CIRCLE, PALI

ITA 137/JODH/2019Status: DisposedITAT Jodhpur21 December 2020AY 2015-165 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that statements recorded during survey operations do not carry much evidentiary value unless corroborated. The assessee's claim of calculation errors in stock valuation was found to be supported by evidence and was not a mere afterthought.

What were the facts?

During a survey, the assessee surrendered excess stock valued at Rs. 32.02 Lacs. Subsequently, the assessee claimed a calculation error of Rs. 13.56 Lacs due to incorrect measurement and valuation of timber stock.

What were the issues?

Whether additions made solely on the basis of a survey statement, which the assessee later retracts due to calculation errors, are sustainable?

Which sections of the Income-tax Act were involved?

Section 133A

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Income Tax Appellate Tribunal, JODHPUR BENCH

Before: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Rajendra Jain (Advocate) & Ms
For Respondent: Shri K.C. Badhok- Ld. CIT- DR

Manoj Kumar Aggarwal (Accountant Member): -

1.

Aforesaid appeal by assessee for Assessment Year [in short referred to as ‘AY’] 2015-16 contest the order of Ld. Commissioner of Income-Tax (Appeals)-1, Jodhpur, [in short referred to as 2 Shri Bhawani Shankar Assessment

The order continues below.

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