Case Law Details
Brief of the Case
ITAT Jaipur held In the case of ACIT vs. Shri Johari Lal Sodhani that the CIT (A) had given various reasons of retraction and also has considered the evidence for not honouring the statement made under section 132(4). The ld counsel of the revenue had not controverted the findings given by CIT (A). It is a legal proposition that statement recorded under section 132(4) has evidentiary value but is rebuttable presumption. The assessee has produced the evidence before CIT (A) and he came to the conclusion that addition made by the AO was not justified. The case laws referred by the assessee also support the assessee’s case. Therefore, we uphold the order of CIT (A).
Facts of the Case
Addition on account of unexplained advances
The assessee has income from salary and other sources. There was a search and seizure & survey action on the members of Sodhani Sweets Group on20.10.2009 of which the assessee is the most important member. During the course of search, cash, jewellery, stock-in-trade, valuables, documents, books of account and loose papers were found and seized from the premises of the members of the Sodhani Sweets Group of which one such member happens to be the assessee.
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