SHRI SUBHASH KUMAR AAHI,SATNA vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-SATNA, SATNA

In the result, the appeal is partly allowed

Bench: Shri Kul Bharatshri Nikhil Choudhary

u/s. 133A of the Act having any evidentiary value nor was it conclusive and an assessment of tax could not be done solely on that basis. Therefore, the orders passed by them were incapable of being sustained. Coming to the specific additions it was pointed out that during the survey proceedings, the survey authority had inventoried, stock of gold