Addition based on Oath made during Survey without Supporting Evidence is invalid

Shri Akashoy Das, L/R of Late Amal Das (Deceased) Vs ITO (ITAT Kolkata) ITAT held that addition of such types which are made during the course of survey on oath cannot be made unless there is a supporting material. In our opinion, the addition on estimated basis cannot be justified for reasons, the AO has not rejected the books of account. ITAT finds that the survey u/s 133A of the Act was on the business premises of assessee on 31.10.2013. During the course of survey, excess stock was determined at Rs. 35,85,955/- and after making allowance towards profit as the inventory was taken at selling...